Stimulus check amid Covid-19

EUREKA, Ca. (KIEM)-with a 2-trillion-dollar economic stimulus package signed off by the president taxpayers should be expecting an up to 12-hundred dollar payment.

If you haven’t filed a 2018 tax return that’s OK, the internal revenue service can get your banking information from your 2019 return. 

However, if you’ve filed in both years and your bank information has changed you will need to update your information.

The Internal Revenue Service is establishing a website that will allow taxpayers to go in and change their routing transit and account numbers for their records.

Tax preparer Mike Cunningham with Cunningham, Malone and Morton Inc. says when it comes to businesses, it’s a more complicated.  

“As far as businesses are concerned that’s a whole other ball game,” Enrolled Agent Mike Cunningham said.  “The government is intending to subsidize the entire payroll for the entire nation for a couple of months.

“Businesses have the ability to borrow money with guaranteed Federal loans.

“Possibly, I am not an expert on this, it’s just now coming out possibly borrowing money, making payrolls and then having those loans turn into grants, so that the government will eventually subsidize them.

“It’s a fairly complicated procedure you’ve got to talk to their accountants to get this thing done.”

 Cunningham says the deadline to file your taxes is extended to July 31st, those who had a March 15th deadline will now be considered late.

For more information on taxes go to https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know