Wink Inc. Enrolled Agents America’s Tax Experts ®
Wink Tax Services
COVID-19 - Coronavirus Update
Wink Inc. | Enrolled Agents | 2701 Troy Center Dr, Ste 255 | Troy | Michigan | 48084 | Tel: 248-816-1220 | 800-276-8319 | Text: 248-800-6013|
5/20 Treasury announced plans to mail out four million economic relief payments by prepaid debit card begining this week. Note these are coming in unmarked envelopes from a non banking institution. 5/13 Direct Deposit info update needs to be completed by 5/13 at 12 pm. 4/26 IRS, Get My Payment Tool has been fixed?? After being down for maintence for 3 days you can enter bank information for taxpayers with $0 refund/$0 balance due returns along with a much larger FAQ section. 4/24 Congress passed Covid-19 3.5 to add additional funds for the EIDL Loan and the PPP Loan program. SBA and Banks will start accepting? and or processing loans under this program on the 27th. 4/16 IRS, Get My Payment Tool is now active however many report issues with the most common error being “your data did not match IRS records” and if you tried again one would be locked out for 24 hours. Have patience this program / tax credit did not exist as of April 1st. Taxpayers will receive payments this year or on their 2020 tax return. 4/14 Economic Impact Payments have begun showing as pending in bank accounts. The start of the process. Check your bank account. Based on 2018 tax return at this time. 4/13 EIDL Updates: Word Grant replaced with Loan. $10,000 Advance changed to $1,000 per employee maximum $10,000 4/10 IRS Notice 2020-23 - postpones almost all federal tax returns and payments from April 1st through July 15th 2020 to July 15th 2020. Notable exception are payroll returns and filings which remain unchanged and due. This is an expansion from April 15th only and includes significantly more tax returns. 4/4 Added Covid-19 Resources page which is updated with new info as we learn more. 4/1 Our focus now changes to understanding the historic changes to the tax and economic landscape, our world has changed. For the next few weeks our focus will be: 1. Tax returns with refunds. 2. Tax returns for 2019 which would result in a higher stimulus check vs 2018 tax returns. 3. Informational returns which continue to be due including FBAR returns. 4. Business returns for clients who are exploring the new SBA loans. 5. Payroll and accounting for business who continue to pay employees and continue operations. 6. Questions regarding the effects of all that happens. a. We have reviewed the bills in parts all 1,200+ pages, we do need to get some sleep. b. We have attended some classes on the bills c. We have more classes scheduled d. We continue to review IRS rules and guidance as it is released daily e. We do not have all the answers, no one has all the answers. 3/28 The House voted and President Trump signed the Coronavirus Aid, Relief, and Economic Security Act “CARES ACT”. Michigan also extended the filing and payment due date 2 hours later so the July 15th Michigan returns are due. We have posted quick summaries of FFCRA - Families First Coronavirus Resposne Act and the CARES Act as replated to Tax Issues. We continue to process tax returns for those who are due a REFUND and whose 2019 tax return will result in a larger Stimulas check. 3/27 The U.S. House of Representatives is scheduled to vote on the CARES Act today. The bill was released on the 26th at 2 am, all 800+ pages. Our professional associations are reading the bill to digest what is to come. Our guess is stimulas checks will be based on 2018 income tax returns and there will be an income limit. No idea for individuals who did not file a 2018 tax return. Michigan HAS NOT extended the due date or payment date, officials at Lansing advise us it is on the Governers desk but no action has been taken. Seems like a easy call but I guess not. 3/26 The Senate passed phase III of the Covid-19 response, the CARES Act on March 25th. Now the Bill moves to the House for a vote on Friday March 27th. PLEASE NOTE - THIS IS NOT LAW, the full text of the bill has not been released. Our professional associations are working to get more information. We have few answers for you and are working on digesting other rules and regulations that have been released. We will post more once the bill become law and is released to the public. The IRS released the “People First Initiative” a fairly dense document regarding changes in IRS procedures, we are reviewing. Michigan HAS NOT extended the due date or payment date. Ohio has extended to July 15th. Canada has extended to June 1st. 3/25 It looks pretty certain that the Senate and House will pass the Phase III coronavirus relief bill today. There will be a lot of tax items, including a re-write of the of the filing and payment deferral to make it more generous. Once we have a chance for a quick read will post updates. Michigan HAS NOT Extended due date or payment date. 3/24 We Are Open for Business. Governor Whitimer announced an executive order, "Stay Home, Stay Safe" in resposne to the COVID-19 crisis. We understand these are unprecedented times, and with that comes uncertanity. We are and remain here to help. Wink Inc. / Wink Tax Services Inc. is considered an "essential services" as listed in the bullentin distributed by the U.S. Department of Homeland Security - (Guidance Ver 1.0 3/19/20) In an effort to adhere to the State Michigan's mandate and direction from the U.S. Department of Treasury to continue to process returns, we are taking all necesssary measures to reduce the spread of the coronavirus and are implementing the following. In Office Appointments have been suspended. Essential workers who choose to continue to come in utilize seperate offices. Drive By Drop Off's - We will meet you in the parking lot so that you can transfer documents in the safety of your vehicle. Pickup's by appointment so that we can limit client interaction and practice social distancing. Please call first or schedule a time if you are stopping by. Phone, Video and remote appointments. Secure File Portal for delivery of documents. Online Appointment Scheduling including drop off and pickup. Electronic Signatures. As of March 24th the State of Michigan HAS NOT Extended the tax filing date or payment date. We continue to review the "Families First Coronavirus Resposne Act", the daily administrative actions taken by the IRS, the upcoming "The Coronavirus Aid, Relief and Economic Security bill (CARES Act), the upcoming "Take Responsiblity for Workers and Families (TRWF Act) for related tax changes. We have scheduled classes to learn about these changes. 3/22 IRS released Notice 2020-18 which restates and expands upon the payment deadline relief and supercedes Notice 2020-17 from 4 days earlier. "Person" includes an individual, a trust, estate, partnership, association, company or corporation as provided in §7701(a)(1). "Affected Taxpayers" need not file Forms 4868 or 7004. NO Extension Required. There is no limitation on the amount of the payment that may be postponed. Removed previous limits. Further this notice narrowed the scope date scope of the relief to tax payments and returns due on April 15th. We expect further notices due to unintended consequences as 1st quarter estimates are now due (7/15) after the 2nd quarter estimates (6/15). Short summary, Federal tax returns and payments are now due July 15th 2020 without the need to file extensions. How this affects the States is yet to be determined. We are gearing up to work remotely so please be patient, there may be delays in printing and physical delivery of tax returns, we do not anticipate delays in filing. 3/21 US Treasury Secretary Tweeted that the filing deadline has been extended until July 15th to match the payment due date. We have been advised by the Secretary to continue to file returns especially for refund returns. We continue to do so and have added capacity and employees to do so. IMPORTANT Michigan has NOT extended the filing or payment due date, April 15th Remains the due. Other States: These states have extended tax due dates: IA (7/31), CA, IN (7/15), MD (7/15), SC (6/1), OR (4/30) We are in the process of reviewing “Families First Coronavirus Response Act” the second piece of legislation in many weeks for tax aspects as related to the filing of tax returns. On deck is the “CARES Act” which will include further tax changes. 3/19 Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. Income Tax Returns continue to be due on April 15, 2020 unless an extension request is timely filed. Due Date has not been changed. Contact us for an Extension. Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due. 3/15 WASHINGTON — The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15 (PDF), posted today on IRS.gov, the IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. The IRS also noted that, as in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP. Today's notice applies only to HSA-eligible HDHPs. Employees and other taxpayers in any other type of health plan with specific questions about their own plan and what it covers should contact their plan. All is well and we continue to remain open. No one is sick or showing any symptoms of a cold. Our families likewise are healthy. No one has traveled within the last 2 months. The office has been cleaned, incoming paperwork is isolated for 48 hours. Expanded We continue to put in 12 hour days 7 days a week and plan to continue this until April 15th. at which point we will slow down a little. In that sense, we are self isolating by working so many hours. At this time of the year we do not get out much anyway. We have the capacity to work remotely and do so as needed. Please note that NEW this year we do offer Video Appointments, Phone Appointments and our Secure File Portal so that documents can be exchanged electronically and even signed electronically. As always one can drop off or mail in their tax documents. There are several pending changes on both the Federal and State levels. These include the following. Extending the Tax Season – The House Ways and Means Committee has sent a letter to the IRS requesting an update on how COVID-19 is impacting the tax filing season and reminding the IRS that they have authority to extend filing season. Paid Sick Leave – Potentially providing paid sick leave for hourly workers with government reimbursements/incentives for employers who provide paid leave. Payroll Tax Cut – There are discussions of providing payroll tax cuts through the end of the year, although this would be difficult. Quarterly Tax Filing Delays – Extending the filing due date from the end of March to June. Business Loans – Providing small business loan assistance. Travel Industry – Unspecified tax relief. We continue to monitor the changes affecting the 2019 tax season and will keep you updated. NOTE: While Congress or the President may extend the filing deadline, the payment of tax due date may not change. Automatic Extensions of 6 months are already available but these are for filing only not payment of tax. We are available to File Extensions as needed. If you have additional concerns or questions or need help setting up your secure portal access, feel free to reach out to us via phone or email or text or drop by with any questions or concerns. To all good health.
Wink Inc. Enrolled Agents America’s Tax Experts ®
Wink Tax Services
COVID-19 - Coronavirus Update
Wink Inc. Enrolled Agents | 2701 Troy Center Dr, Ste 255 | Troy | Michigan | 48084 | Tel: 248-816-1220 | TF: 800-276-8319 | Text: 248-800-6013 |
5/20 Treasury announced plans to mail out four million economic relief payments by prepaid debit card begining this week. Note these are coming in unmarked envelopes from a non banking institution. 5/13 Direct Deposit info update needs to be completed by 5/13 at 12 pm. 4/26 IRS, Get My Payment Tool has been fixed?? After being down for maintence for 3 days you can enter bank information for taxpayers with $0 refund/$0 balance due returns along with a much larger FAQ section. 4/24 Congress passed Covid-19 3.5 to add additional funds for the EIDL Loan and the PPP Loan program. SBA and Banks will start accepting? and or processing loans under this program on the 27th. 4/16 IRS, Get My Payment Tool is now active however many report issues with the most common error being “your data did not match IRS records” and if you tried again one would be locked out for 24 hours. Have patience this program / tax credit did not exist as of April 1st. Taxpayers will receive payments this year or on their 2020 tax return. 4/14 Economic Impact Payments have begun showing as pending in bank accounts. The start of the process. Check your bank account. Based on 2018 tax return at this time. 4/13 EIDL Updates: Word Grant replaced with Loan. $10,000 Advance changed to $1,000 per employee maximum $10,000 4/10 IRS Notice 2020-23 - postpones almost all federal tax returns and payments from April 1st through July 15th 2020 to July 15th 2020. Notable exception are payroll returns and filings which remain unchanged and due. This is an expansion from April 15th only and includes significantly more tax returns. 4/4 Added Covid-19 Resources page which is updated with new info as we learn more. 4/1 Our focus now changes to understanding the historic changes to the tax and economic landscape, our world has changed. For the next few weeks our focus will be: 1. Tax returns with refunds. 2. Tax returns for 2019 which would result in a higher stimulus check vs 2018 tax returns. 3. Informational returns which continue to be due including FBAR returns. 4. Business returns for clients who are exploring the new SBA loans. 5. Payroll and accounting for business who continue to pay employees and continue operations. 6. Questions regarding the effects of all that happens. a. We have reviewed the bills in parts all 1,200+ pages, we do need to get some sleep. b. We have attended some classes on the bills c. We have more classes scheduled d. We continue to review IRS rules and guidance as it is released daily e. We do not have all the answers, no one has all the answers. 3/28 The House voted and President Trump signed the Coronavirus Aid, Relief, and Economic Security Act “CARES ACT”. Michigan also extended the filing and payment due date 2 hours later so the July 15th Michigan returns are due. We have posted quick summaries of FFCRA - Families First Coronavirus Resposne Act and the CARES Act as replated to Tax Issues. We continue to process tax returns for those who are due a REFUND and whose 2019 tax return will result in a larger Stimulas check. 3/27 The U.S. House of Representatives is scheduled to vote on the CARES Act today. The bill was released on the 26th at 2 am, all 800+ pages. Our professional associations are reading the bill to digest what is to come. Our guess is stimulas checks will be based on 2018 income tax returns and there will be an income limit. No idea for individuals who did not file a 2018 tax return. Michigan HAS NOT extended the due date or payment date, officials at Lansing advise us it is on the Governers desk but no action has been taken. Seems like a easy call but I guess not. 3/26 The Senate passed phase III of the Covid-19 response, the CARES Act on March 25th. Now the Bill moves to the House for a vote on Friday March 27th. PLEASE NOTE - THIS IS NOT LAW, the full text of the bill has not been released. Our professional associations are working to get more information. We have few answers for you and are working on digesting other rules and regulations that have been released. We will post more once the bill become law and is released to the public. The IRS released the “People First Initiative” a fairly dense document regarding changes in IRS procedures, we are reviewing. Michigan HAS NOT extended the due date or payment date. Ohio has extended to July 15th. Canada has extended to June 1st. 3/25 It looks pretty certain that the Senate and House will pass the Phase III coronavirus relief bill today. There will be a lot of tax items, including a re-write of the of the filing and payment deferral to make it more generous. Once we have a chance for a quick read will post updates. Michigan HAS NOT Extended due date or payment date. 3/24 We Are Open for Business. Governor Whitimer announced an executive order, "Stay Home, Stay Safe" in resposne to the COVID-19 crisis. We understand these are unprecedented times, and with that comes uncertanity. We are and remain here to help. Wink Inc. / Wink Tax Services Inc. is considered an "essential services" as listed in the bullentin distributed by the U.S. Department of Homeland Security - (Guidance Ver 1.0 3/19/20) In an effort to adhere to the State Michigan's mandate and direction from the U.S. Department of Treasury to continue to process returns, we are taking all necesssary measures to reduce the spread of the coronavirus and are implementing the following. In Office Appointments have been suspended. Essential workers who choose to continue to come in utilize seperate offices. Drive By Drop Off's - We will meet you in the parking lot so that you can transfer documents in the safety of your vehicle. Pickup's by appointment so that we can limit client interaction and practice social distancing. Please call first or schedule a time if you are stopping by. Phone, Video and remote appointments. Secure File Portal for delivery of documents. Online Appointment Scheduling including drop off and pickup. Electronic Signatures. As of March 24th the State of Michigan HAS NOT Extended the tax filing date or payment date. We continue to review the "Families First Coronavirus Resposne Act", the daily administrative actions taken by the IRS, the upcoming "The Coronavirus Aid, Relief and Economic Security bill (CARES Act), the upcoming "Take Responsiblity for Workers and Families (TRWF Act) for related tax changes. We have scheduled classes to learn about these changes. 3/22 IRS released Notice 2020-18 which restates and expands upon the payment deadline relief and supercedes Notice 2020-17 from 4 days earlier. "Person" includes an individual, a trust, estate, partnership, association, company or corporation as provided in §7701(a)(1). "Affected Taxpayers" need not file Forms 4868 or 7004. NO Extension Required. There is no limitation on the amount of the payment that may be postponed. Removed previous limits. Further this notice narrowed the scope date scope of the relief to tax payments and returns due on April 15th. We expect further notices due to unintended consequences as 1st quarter estimates are now due (7/15) after the 2nd quarter estimates (6/15). Short summary, Federal tax returns and payments are now due July 15th 2020 without the need to file extensions. How this affects the States is yet to be determined. We are gearing up to work remotely so please be patient, there may be delays in printing and physical delivery of tax returns, we do not anticipate delays in filing. 3/21 US Treasury Secretary Tweeted that the filing deadline has been extended until July 15th to match the payment due date. We have been advised by the Secretary to continue to file returns especially for refund returns. We continue to do so and have added capacity and employees to do so. IMPORTANT Michigan has NOT extended the filing or payment due date, April 15th Remains the due. Other States: These states have extended tax due dates: IA (7/31), CA, IN (7/15), MD (7/15), SC (6/1), OR (4/30) We are in the process of reviewing “Families First Coronavirus Response Act” the second piece of legislation in many weeks for tax aspects as related to the filing of tax returns. On deck is the “CARES Act” which will include further tax changes. 3/19 Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. Income Tax Returns continue to be due on April 15, 2020 unless an extension request is timely filed. Due Date has not been changed. Contact us for an Extension. Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due. 3/15 WASHINGTON — The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15 (PDF), posted today on IRS.gov, the IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. The IRS also noted that, as in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP. Today's notice applies only to HSA-eligible HDHPs. Employees and other taxpayers in any other type of health plan with specific questions about their own plan and what it covers should contact their plan. All is well and we continue to remain open. No one is sick or showing any symptoms of a cold. Our families likewise are healthy. No one has traveled within the last 2 months. The office has been cleaned, incoming paperwork is isolated for 48 hours. Expanded We continue to put in 12 hour days 7 days a week and plan to continue this until April 15th. at which point we will slow down a little. In that sense, we are self isolating by working so many hours. At this time of the year we do not get out much anyway. We have the capacity to work remotely and do so as needed. Please note that NEW this year we do offer Video Appointments, Phone Appointments and our Secure File Portal so that documents can be exchanged electronically and even signed electronically. As always one can drop off or mail in their tax documents. There are several pending changes on both the Federal and State levels. These include the following. Extending the Tax Season – The House Ways and Means Committee has sent a letter to the IRS requesting an update on how COVID-19 is impacting the tax filing season and reminding the IRS that they have authority to extend filing season. Paid Sick Leave – Potentially providing paid sick leave for hourly workers with government reimbursements/incentives for employers who provide paid leave. Payroll Tax Cut – There are discussions of providing payroll tax cuts through the end of the year, although this would be difficult. Quarterly Tax Filing Delays – Extending the filing due date from the end of March to June. Business Loans – Providing small business loan assistance. Travel Industry – Unspecified tax relief. We continue to monitor the changes affecting the 2019 tax season and will keep you updated. NOTE: While Congress or the President may extend the filing deadline, the payment of tax due date may not change. Automatic Extensions of 6 months are already available but these are for filing only not payment of tax. We are available to File Extensions as needed. If you have additional concerns or questions or need help setting up your secure portal access, feel free to reach out to us via phone or email or text or drop by with any questions or concerns. To all good health.