Southwest TAX Associates

Good info for seniors!

https://www.facebook.com/100002044919297/posts/2803111053100364/

Millions of Americans on Social Security could miss out on a $1,200 stimulus check because of a Trump rule compelling them to file a tax return The move could shut out many seniors and people with disabilities from getting critical government aid during the coronavirus pandemic.

Info on the new SBA loan programs for Small Business owners during this Covid-19 pandemic.

I working with an dedicated lender with a wealth of experience. As I receive more information on the loans I will share it with everyone!

Don't miss out on your Corona Virus check because you haven't filed your 2018 or 2019 tax returns! Give us a call today if you need help getting this returns filed!

520-807-9800

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This is how much money you could get from the stimulus bill The income levels are based on tax returns for 2019. For those who have not yet filed their taxes, it will be based on 2018 returns.

SPECIAL ALERT – COVID-19 Tax Credits

Southwest Tax Associates Inc
4714 S. 12th Avenue
Tucson, AZ 85714
(520) 807-9800

COVID-19 Tax Credits Available Now

Small and midsize employers can begin taking advantage of two new refundable pay roll tax credits designed to
immediately and fully reimburse them, dollar-for-dollar, for the cost of providing COVID-19-related leave to their
employees. This relief to employees and small and midsize businesses is provided under the Families First
Coronavirus Response Act (Act).
The act gives businesses with fewer than 500 employees funds to provide employees with up to 80 hours of paid
leave, either for the employee’s own health needs or to care for family members. There are two credits available:

Paid sick leave credit
For an employee who is unable to work because of COVID-19 quarantine or self-quarantine or has COVID-19
symptoms and is seeking a medical diagnosis, eligible employers may receive a refundable sick leave credit for
sick leave at the employee's regular rate of pay, up to $511 per day and $5,110 in the aggregate, for a total of 10
days (up to 80 hours).
For an employee who is caring for someone with COVID-19, or is caring for a child because the child's school or
child care facility is closed, or the child care provider is unavailable due to COVID-19, eligible employers may
claim a credit for two-thirds of the employee's regular rate of pay, up to $200 per day and $2,000 in the
aggregate, for up to 10 days (up to 80 hours). Eligible employers are entitled to an additional tax credit
determined based on costs to maintain health insurance coverage for the eligible employee during the leave period.

Child care leave credit
In addition to the sick leave credit, for an employee who is unable to work because of a need to care for a child
whose school or child care facility is closed or whose child care provider is unavailable due to COVID-19, eligible
employers may receive a refundable child care leave credit. This credit is equal to two-thirds of the employee's
regular pay, capped at $200 per day or $10,000 in the aggregate. Up to 10 weeks of qualifying leave can be
counted towards the child care leave credit. Eligible employers are entitled to an additional tax credit determined
based on costs to maintain health insurance coverage for the eligible employee during the leave period.

Using the credits
Under guidance that will be released next week, eligible employers who pay qualifying sick or child care leave
will be able to retain an amount of the payroll taxes equal to the amount of qualifying sick and child care leave
that they paid, rather than deposit them with the IRS.
The payroll taxes that are available for retention include withheld federal income taxes, the employee share of
Social Security and Medicare taxes, and the employer share of Social Security and Medicare taxes with respect
to all employees.
If there are not sufficient payroll taxes to cover the cost of paid qualified sick and child care leave, employers will
be able file a request for an accelerated payment from the IRS. The IRS expects to process these requests in
two weeks or less. The details of this new, expedited procedure will be announced next week.
SWTA Inc is closely monitoring the news and will be in communication with our members as additional
information becomes available.

Did you Know, Taxpayers who claim Earned Income Credit or Additional Child Tax Credit Could Experience a Hold on Their Refund?

We offer free Nationwide no-obligation tax preparation quotes and provide the safest way to maximize your refund!

Southwest Tax Associates Inc.
520-807-9800

The interior of our office. Schedule an appointment today by calling (520) 807-9800 and come visit us at our office located at 4714 S 12th Ave in Tucson, AZ 85714

"For early filers, that tax-refund check is in the mail"



http://www.cnbc.com/2017/02/21/for-early-filers-that-tax-refund-check-is-in-the-mail.html

For early bird filers, the tax-refund check is in the mail Better late than never: The IRS is sending out checks to these taxpayers. Are you on the list?

Here's a little something you may not have known about.



http://www.nbcnews.com/business/taxes/why-paying-your-nanny-under-table-really-bad-idea-n717811

Why paying household help under the table is a really bad idea Andy Puzder, Trump's nominee to run the Labor Department, is a classic example of why paying household help under the table is a really bad idea.

"IRS “Dirty Dozen” Series of Tax Scams for 2017 Includes Return Preparer Fraud; Choose Reputable Return Preparers"

Choose us!



https://www.irs.gov/uac/newsroom/irs-dirty-dozen-series-of-tax-scams-for-2017-includes-return-preparer-fraud-choose-reputable-return-preparers

IRS “Dirty Dozen” Series of Tax Scams for 2017 Includes Return Preparer Fraud; Choose Reputable Return Preparers WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season.

Remember: Don't procrastinate on your taxes!



https://www.irs.com/articles/2016-federal-tax-calendar

2016 Federal Tax Calendar This is the IRS general tax calendar, which includes the 2016 due dates that most taxpayers will need to know.

"The latest IRS phone scam has stolen $5 million from 1,100 taxpayers. Don’t be the next victim!"



https://www.irs.com/articles/irs-warning-about-phone-scams

An IRS Warning About Phone Scams The latest IRS phone scam has stolen $5 million from 1,100 taxpayers. Don’t be the next victim!