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April 15th, 2020

*If you do not recieve direct deposit from the IRS, see link to enter in bank account number and routing number. The site is busy today, but keep trying. https://www.irs.gov/coronavirus/get-my-payment

Dear Clients:

We hope this finds you and your families healthy and well. We want to communicate with you regarding COVID‐19 and how it relates to your taxes. Both Federal and California governments have announced a 90‐day extension to file and pay your taxes. This pushes out the current April 15, 2020 deadline to July 15, 2020. This includes 2020 1st Quarter estimate payments for both Federal and California.

Traditional Roth IRA and HSA contibutions have also been extended to July 15, 2020 for the 2019 Tax Year.

RMD's for IRAs are not required for 2020.  If you have taken your RMD less than 60 days ago, you should be able to reinvest it.

Here are some specific links to help you find a program that could help you during this time.

LOCAL RESOURCES FOR SMALL BUSINESSEShttps://choosesantacruz.com/information-for-businesses-in-response-to-covid-19?mc_cid=97acea0699&mc_eid=cd154c1ad6

SBA LOAN LINKhttps://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

UNEMPLOYMENT FOR ALL EVEN SELF-EMPLOYEDhttps://www.edd.ca.gov/about_edd/coronavirus-2019.htm

Who is eligible for stimulus payments?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

 

We have limited the amount of traffic in the office. If you have information you need to drop off, we have a drop slot in the door for you to utilize. We are happy to make phone call appointments and do as much email correspondence as necessary during this challenging and uncertain time.

Sincerely,

Derek, Lacy & Becky

 

Thank you for visiting our website

Rieber, Fohs & Associates is a full-service accounting firm serving clients throughout the Santa Cruz and San Francisco Bay Area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.

On this website, you will find information about Rieber, Fohs & Associates, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Santa Cruz, Rieber, Fohs & Associates has years of valuable experience assisting professionals with their accounting needs.

The link to our smartvault portal is  rfa.smartvault.com

  • Telephone...
  • (831) 476-7100
  • Fax...
  • (831) 401-2295
  • Rieber, Fohs & Associates Accountancy Corporation
  • 150 Dubois St., Suite D
  • Santa Cruz, CA 95060

You can also send us a message directly through the contact page of this website.