Economic Impact Payments

Economic impact payments:
What you need to know

The Treasury Department and the Internal Revenue Service announced on March 30, 2020 that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

If you need to prepare your tax returns, we can help. Call our office at (610) 863-8347 and set up a phone interview. 

Source IRS Newswire, IR-2020-61

Effective Immediately - COVID-19 Policy

Effective immediately, Corvino & Verwys is discontinuing all in person face-to-face meetings, in person appointments, and all walk-ins

Dear Valued Clients and Friends,

At Corvino & Verwys the well-being our clients and employees is our top priority. What we are currently experiencing today is not something we ever would have thought could happen.  We have confidence we will overcome this Coronavirus and, hopefully for all small business owners, we can overcome the challenges. We want to let you know that our office remains open for business and we continue to operate to serve all your accounting and tax needs.

Effective immediately, following recommended CDC guidelines, we are discontinuing all in person face to face meetings, in person appointments, and all walk-ins. We are doing this to protect the health of our employees, clients, and all in the community.

We will still hold virtual meetings via telephone conference or Zoom. If you desire to have a virtual meeting, call our office and we will instruct you how to proceed.

Documents can be transferred to our office any of the following ways:

1)     Portal – Upload documents through your secure client portal. If you need to setup your secure client portal, or help accessing it, call our office and speak with Dana. She is also available via email at dyoder@corvinotax.com

2)     Email – Send documents through email to the recipient or to info@corvinotax.com

3)     Fax – Documents can be faxed to (610) 863-8654.

4)     Drop Off – If you must drop off documents, please place the documents in a sealed envelope and drop the envelope in our mail slot located on our door in the building.

5)     Mail: our address is: 16 S Broadway, Suite 4, Wind Gap, PA 18091

We are currently in uncharted waters, but we have confidence we will get through this. God Bless and stay safe.

Sincerely,

Jim Corvino, EA, CPA  and  Tamara Verwys, EA

Stay tuned for developments and updates during this fluid situation. Check our Facebook page or call our office if you have any questions.

Need To Schedule A Virtual Meeting?

Call (610) 863-8347