Never underestimate the IRS! Tax avoidance can lead you to serious problems. The tax loss of this accountant’s conduct is $1,132,398.

Taxpayers have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return. The extension gives taxpayers until Oct. 15 to file, but taxes owed are due by July 15.

The IRS has released new instructions for form 1045, also called Application for Tentative Refund, published July 1 of this year, with changes made to reflect the CARES Act legislation.

The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to the Paycheck Protection Program Extension Act. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. 

Monitoring your credit reports regularly is an important part of being in control of your finances. Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application. In addition, reviewing them frequently helps you catch signs of identity theft early.

SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing these applications on a first-come, first-served basis. On June 15, SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Applications are received by June 30. Click in Bio for more info.

Small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000 by the SBA. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received.

The Internal Revenue Service reminds people who live and work abroad that they have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The usual deadline is June 15. This extension was included in a wide range of Coronavirus-related relief announced in early April. The extension generally applies to all taxpayers who have an income tax filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.

Disaster Preparedness Sales Tax Holiday runs from May 29 through June 4 2020. During this sales tax holiday period, qualifying items related to tropical storm disaster preparedness are exempt from sales tax.

You can get answers regarding the Economic Impact Payments in the IRS webpage or with the Get My Payment tool. However, more phone operators have been added to answer common questions regarding these stimulus.