Author Topic: Coronavirus Stimulus Aid Package  (Read 83794 times)

Offline Joel

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Re: Coronavirus Stimulus Aid Package
« Reply #1120 on: March 12, 2021, 03:06:38 PM »
Money is already pending in my account bh
Nice! Which bank?

Offline Jellybelly

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Re: Coronavirus Stimulus Aid Package
« Reply #1121 on: March 12, 2021, 03:25:48 PM »
Nice! Which bank?
Might have more to do with his DDF name than his bank

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #1122 on: March 12, 2021, 03:47:45 PM »
Money is already pending in my account bh
Clearing date of 3/17?

Offline Mordyk

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Re: Coronavirus Stimulus Aid Package
« Reply #1123 on: March 12, 2021, 03:57:10 PM »
Money is already pending in my account bh
How do you see these things?
#TYH

Offline tov hashem

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Re: Coronavirus Stimulus Aid Package
« Reply #1124 on: March 12, 2021, 04:52:35 PM »
Clearing date of 3/17?
yes. But gets cleared earlier.
Regards from henche!

Offline Kobe Bryant

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Re: Coronavirus Stimulus Aid Package
« Reply #1125 on: March 13, 2021, 08:58:06 PM »
Clear and concise.
 

Offline shapsam

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Re: Coronavirus Stimulus Aid Package
« Reply #1126 on: March 14, 2021, 01:24:51 PM »
Are any online tax softwares already reflecting the $10,200 non taxable unemployment?
Bump

Turbo tax is still calculating the full unemployment as taxable.

Offline yeshivabucher

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Re: Coronavirus Stimulus Aid Package
« Reply #1127 on: March 14, 2021, 01:32:50 PM »
re amending 2020 tax return to account for unemployment; my accountant said irs siad not ot file one yet as they are trying to figure something out regarding it

Online YitzyS

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Re: Coronavirus Stimulus Aid Package
« Reply #1128 on: March 14, 2021, 01:39:52 PM »
re amending 2020 tax return to account for unemployment; my accountant said irs siad not ot file one yet as they are trying to figure something out regarding it
Interesting. My accountant told me that I would get back around $600 and that it would cost me $100 to amend. So I should tell him to wait?

Offline yelped

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Re: Coronavirus Stimulus Aid Package
« Reply #1129 on: March 14, 2021, 01:47:38 PM »
Interesting. My accountant told me that I would get back around $600 and that it would cost me $100 to amend. So I should tell him to wait?
I don't think my accountant is charging me.

Offline incendia

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Re: Coronavirus Stimulus Aid Package
« Reply #1130 on: March 14, 2021, 02:05:50 PM »
Interesting. My accountant told me that I would get back around $600 and that it would cost me $100 to amend. So I should tell him to wait?

Unless you need the cash ASAP I would wait to see what the IRS and your state is is doing

Fill out 1040x yourself*

I bet your accountant's price comes down in May or June


*Amending state returns might be harder YMMV

Online YitzyS

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Re: Coronavirus Stimulus Aid Package
« Reply #1131 on: March 14, 2021, 02:08:47 PM »
Unless you need the cash ASAP I would wait to see what the IRS and your state is is doing

Fill out 1040x yourself*

I bet your accountant's price comes down in May or June


*Amending state returns might be harder YMMV
IINM, unemployment was always tax-free for NJ taxes.

Offline shapsam

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Re: Coronavirus Stimulus Aid Package
« Reply #1132 on: March 14, 2021, 09:42:04 PM »
Interesting. My accountant told me that I would get back around $600 and that it would cost me $100 to amend. So I should tell him to wait?
Donít amend 2020 income tax return to claim American Rescue Plan credits, IRS says

https://www.staradvertiser.com/2021/03/14/hawaii-news/kokua-line/kokua-line-dont-amend-2020-income-tax-return-to-claim-american-rescue-plan-credits-irs-says/

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #1133 on: March 15, 2021, 10:12:15 AM »


Offline alexk.

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Re: Coronavirus Stimulus Aid Package
« Reply #1135 on: March 15, 2021, 04:55:39 PM »
Trying to get clarity on Employee Retention Credit for businesses. For 2021, the qualification seems to be a Quarter to Quarter drop off of 20% or more from 2021 compared 2019.

If you qualify in Q1 2021 compared to 2019, does that qualify you for all quarters of 2021, or is it reassessed each quarter?

 

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #1136 on: March 15, 2021, 05:25:34 PM »
Trying to get clarity on Employee Retention Credit for businesses. For 2021, the qualification seems to be a Quarter to Quarter drop off of 20% or more from 2021 compared 2019.

If you qualify in Q1 2021 compared to 2019, does that qualify you for all quarters of 2021, or is it reassessed each quarter?

 
There's a safe harbor that allows you to qualify if you qualified in the preceding quarter, so if you qualify in Q1 2021, you also qualify in Q2 of 2021.

Offline alexk.

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Re: Coronavirus Stimulus Aid Package
« Reply #1137 on: March 15, 2021, 05:45:07 PM »
And with the extension under the new stimulus? Would that extend for Q3 and Q4 based on Q1 or you would have to qualify in Q2 to have the safe harbor for Q3?

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #1138 on: March 15, 2021, 05:53:47 PM »
And with the extension under the new stimulus? Would that extend for Q3 and Q4 based on Q1 or you would have to qualify in Q2 to have the safe harbor for Q3?
You need to qualify in the prior month to get the safe harbor.
If you only qualified in Q2 because you qualified in Q1, you no longer qualify in Q3 unless you have a reduction/gov order.

Offline alexk.

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Re: Coronavirus Stimulus Aid Package
« Reply #1139 on: March 15, 2021, 06:02:05 PM »
Thanks for the info!

So technically, would the following scenario work? You qualify in Q1 for 20%+ reduction -  get the safe harbor in Q2 - Qualify again in Q3 for a 20%+ reduction - and get another safe harbor for Q4.

Thanks