Important Covid-19 IRS & SBA Updates

Important Covid-19 IRS & SBA Updates

Kohl & Company
Apr 10, 2020

As the IRS and SBA continue to update information, we realize many you need additional guidance.

A summary of the information received can best be summarized as follows:
• VERY IMPORTANT – The IRS has suspended for 2020 the Required Mandatory Distributions, RMDs. This means if you have not taken your RMD this year and have high income, or simply do not need to take the money, the requirement has been waived for 2020. If you have already taken it but it was within the last 60 days, you have the ability to roll it back into your IRA or other retirement account. Contact your broker for instructions on how to do this.
• IMPORTANT – Initially the IRS waived the requirements for filing tax returns and paying the tax until July 15, 2020. NOT INCLUDED in the initial directive was the second quarter estimate due on June 15th. This left taxpayers paying their second quarter estimate before their first. YESTERDAY the IRS extended the time to pay the June 15th estimate to July 15th.
• IMPORTANT – Concerning the PPP Loans, Florida Bridge Loan and EIDL Loan and Grant, we have been rendering assistance in filing for these loans and are very familiar with the documentation and filing process. Call us for additional information on how these may benefit you and how we may be of assistance. It took all of us a bit to get on top of these.
• IMPORTANT – The IRS recognizing that not all people file tax returns or are otherwise not in their system, have provided a link to register for the Stimulus Checks. The link to register is https://www.irs.gov/coro…/non-filers-enter-payment-info-here . Please feel free to share the link and or this entire email with those that may need it.

We want to assure you that we are here in the Lake Wales office as an essential service and will continue to provide all the services above, as well as our usual services, in a safe manner. We have a drop off table in the lobby, sterilized pens, hand sanitizer, we maintain a minimum of a six foot distance and we will put your work on the table when you pick up. We also conduct temperature checks on the staff twice daily.

Stay Safe!