Morgan Hill, CA Tax Preparation & Accounting Firm, NorCal Business & Tax Services, Inc.
We are a full-service Accounting firm licensed in CA. We offer a broad range of services for business owners, executives, and independent professionals. We are affordable, experienced, and friendly.
The tax deadline to file and to pay has been extended one month. This is due to new mid-season tax law changes along with added workload which has accrued for the respected government agencies & tax professionals.
Stimulus/COVID Relief payments
(What should I expect, and when should I expect them?)
Federal economic recovery initatives have been passed during this unprecedented COVID-19 pandemic
The relief/stimulus checks (meeting requirements set forth by the 3 recent relief bills, in facilitation by the Internal Revenue Service) would have been issued in March of 2020, Late December 2020 or early January of 2021, and the newest started March of 2021 after the American Rescue Plan Act of 2021 was signed into law by Presiden Joe Biden on March 11th. These are current being distributed. To check on the status of your payment, and others, visit here through IRS.gov.
The maximum "stimulus/pandemic relief" payments are as follows (subject to income phase outs):
For adult dependents you claim on your return, could also receive a $1,400 payment with the stipulation that the dependent hasn't recieved the first two relief payment
The relief payments are not taxable but you will notice your tax preparer may ask about them just in case you are eligible to receive them based on off your 2020 tax return. This will go to directly pay for any tax owed or add to any refund you may be receiving.
Note: If you are a non-filer and did not fill out the original form set by the IRS and missed the November 2020 deadline, you will have to file a tax return to claim the $1200 or $600 dollar relief/stimulus payments.
For more information and frequently asked question on the federal relief payments, please refer here to the irs.gov website
If you have already filed before the unemployment compensation exemption, don't worry. the IRS has announced that they will be fixing it on their end so you should not have to file an amendment to benefit in this new, mid-season tax change.
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