Coronavirus Aid, Relief, and Economic Security Act CARES Act.

[Rapid Robert]

Hello anybody home? We are talking about the Cares Act and getting the $1200/$2400 in the hands of taxpayers. The extension matter is old news!

How is getting money from the federal gubernmint into the hands of workers an emergency for tax professionals? Hello anybody home?, indeed.

Wouldn't it be something we deal with, if at all, a year from now on 2020 tax returns? There might be a slight planning issue if it is treated as an advance refundable credit with reconciliation, but at that dollar level and time frame I still don't see how it is a tax professional emergency.

Maybe the "extension matter" isn't really old news if you take states into account? :-)

For myself, I will rely on TheTaxBook to provide timely updates when things are settled and not just speculative. The Update Service already has several articles about Covid 19 tax related changes. I see I need to read through "Families First Coronavirus Response Act" which is actually a law at this time (update posted on 3/19).

TheTaxBook does have state by state details (have you ever read the "Tax Patterns for State Returns" document? It's really nice). But it might be asking a lot for day by day updates of each state's response to 2020 filing and payment delays.

[ATSMAN]

I don't know what "GD" means, but are you saying we have some kind of tax emergency that needs immediate attention? I thought the issue of tax payments and extensions was already more or less resolved, pending software updates by IRS and our vendors.

Hello anybody home? We are talking about the Cares Act and getting the $1200/$2400 in the hands of taxpayers. The extension matter is old news!

This is how our state's genius DOR administration is handling state extensions: "DOR is aware that the IRS has issued guidance with respect to tax returns and payments due April 15^th. We are working on a plan to provide relief with respect to Massachusetts returns and payments." Is this ignorance or laziness??

[Rapid Robert]

This is NOT the time to dicker over emission standards etc. We got a GD emergency on our hand that needs immediate attention.

I don't know what "GD" means, but are you saying we have some kind of tax emergency that needs immediate attention? I thought the issue of tax payments and extensions was already more or less resolved, pending software updates by IRS and our vendors.

[Lion]

It's an election year!

[ATSMAN]

This is NOT the time to dicker over emission standards etc. We got a GD emergency on our hand that needs immediate attention.

[TAXNJ]

Yes and they don't have a live receptionist due to COVID-19. Every thing is going to voice mail.

Try email. Voting taking place now

[ATSMAN]

Have you contacted your representatives with the concerns? If yes, what are they telling you?

Many are writing and calling their representatives more than once.

Yes and they don't have a live receptionist due to COVID-19. Every thing is going to voice mail.

[Burke]

Well the procedural vote failed yesterday, so now what? May be they should separate the provisions in the bill where there is bi partisan agreement and pass that ASAP and fight over what they disagree. Don't hold the entire bill hostage to political bickering. What say you?

Agree. But that won't happen. They'd never get what they want if they give it up for expediency's sake.

[TAXNJ]

Well the procedural vote failed yesterday, so now what? May be they should separate the provisions in the bill where there is bi partisan agreement and pass that ASAP and fight over what they disagree. Don't hold the entire bill hostage to political bickering.

What say you?

Have you contacted your representatives with the concerns? If yes, what are they telling you?

Many are writing and calling their representatives more than once.

[ATSMAN]

Well the procedural vote failed yesterday, so now what? May be they should separate the provisions in the bill where there is bi partisan agreement and pass that ASAP and fight over what they disagree. Don't hold the entire bill hostage to political bickering.

What say you?

[Burke]

It was in one of the drafts. But I don't pay much attention to details until it is actually passed.

Hopefully, it will be this week?

[Burke]

Thank you. I printed off what I could find on this and it was unclear. What I have says for (individuals) with low or zero net tax liabilities, it is limited to the lesser of a taxpayer's liability, such that an individual with a tax liability of less than the rebate, would receive a rebate of their 2018 tax liability, but no less than $600. Well, what tax liability is it referring to? Line 13 (income tax) or Line 15 (total tax, which includes SE taxes)? I have clergy who have no income tax liability but have big SE tax, as they have not opted out.

[TaxGuyBill]

SS is considered earned income for this act?

It was in one of the drafts. But I don't pay much attention to details until it is actually passed.

[Dude]

It is $2500 *OR* a tax liability greater than 0. So if they have $2500 of income (Social Security counts) but 0 tax liability, they would still qualify.

SS is considered earned income for this act?

[TaxGuyBill]

Well, that is a crock. What about people below the federal poverty line who made at least that much, but net taxable income was zero? This is 2020 and you see what is happening to jobs. They are the ones who need it! Filing 2018 if you did not have a tax liability seems like a waste of time.

It is $2500 *OR* a tax liability greater than 0. So if they have $2500 of income (Social Security counts) but 0 tax liability, they would still qualify.