When Will You Get Your Stimulus Money?

by | Apr 13, 2020 | GA Taxes, IRS, Personal, Small Business

The first round of stimulus money should start arriving this week for those who already have direct deposit set up with the IRS. But that’s just the beginning … the process could take several months to get money to every taxpayer — more than 100 million of us!

Also, it will likely take longer if a check must be mailed to you. So if you don’t already have direct deposit set up with the IRS, you can do so on the IRS’s website here.

While most taxpayers will receive the maximum of $1,200 each, the amount you receive depends on the amount of your adjusted gross income from either your 2018 or 2019 taxes. You can use this calculator to figure out how much you’ll receive.

Note that the IRS plans to mail a letter to your last known address within 15 days after the payment is made to verify you have indeed been paid. The letter will provide information on how the payment was made and how to report a missing payment.

Keep Those Returns Coming!

Although the tax-filing deadline has been extended to July 15, we recommend completing your return as soon as you are able. (It may help you get your stimulus check sooner, too!) We’re continuing to work in the office full-time, so you’re welcome to drop off your paperwork anytime. We have a dropbox outside our office door. Or you may simply email it to us at jackie@premiercpaservices.com.

Have You Renewed Your LLC or Corporation Yet?

If you plan to apply for the Paycheck Protection Program, note that you must have a current business registration, which shows your company is in good standing with the State. In light of the COVID-19 crisis, the 2020 annual registration period has been extended an extra month, now ending on May 1, 2020. Note that if your registration has not been renewed for two years, the State may dissolve your business entity! This will require a trip to your attorney and additional fees to make your company active again. You can check your company’s status at the Georgia Secretary of State website here. You can now register your business for one, two or three years.