COVID-19

 

IMPORTANT COVID-19 UPDATES

The health and safety of our Hudson Financial Services team and clients is our top priority. With the COVID-19 virus having an increasing impact in our community, we want to let you know how our business is addressing this situation. 

Our staff has returned to the office, however, we are not allowing outside visitors for the time being. Until further notice, we have suspended all in-person meetings.  We will continue to be available for calls, emails or Zoom meetings.

We are committed to serving our clients with care, and we are confident we are taking precautionary measures to promote the health and safety of our staff and clients.

Below are resources and information related to government stimulus, taxes and law changes that may impact you.

 

HELPFUL RESOURCES

COVID-19 - Small Business Relief

COVID-19 - CARES Act for Individuals

NYS Government Website for Coronavirus

John Hopkins University Coronavirus Map

SBA Paycheck Protection Loan FAQs

 

STIMULUS PAYMENTS

Economic Impact Payments

Economic impact payments "recovery checks" will be sent to taxpayers in the next three weeks and will be available throughout the rest of 2020. For most people, they will be distributed automatically and no action is required. Taxpayers might have questions about economic impact payments and answers to some of these questions are provided below. https://www.irs.gov/coronavirus/economic-impact-payments

1. Who is eligible?

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.

2. Where will the IRS send my payment?

Most 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.

 

 

 

3. What if I have not filed my 2018 or 2019 tax returns yet?

Anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 should file as soon as they can to receive an economic impact payment and include direct deposit banking information on the return.

If you typically are not required to file a tax return. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. Each person would receive $1,200 per person, without the additional amount for any dependents at this time and includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Please use the following link if you don’t or aren’t required to file returns to provide banking information. https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

4. Where is my regular refund?

If you filed your 2019 tax returns and have yet to receive your refunds, please check the following links to view the status of your return.

Federal - https://www.irs.gov/refunds

New York - https://www.tax.ny.gov/pit/file/refund.htm

New Jersey - https://www16.state.nj.us/TYTR_TGI_INQ/jsp/prompt.jsp

Connecticut - https://portal.ct.gov/DRS/Individuals/Individual-Tax-Page/Status-of-Refund

 

 

PANDEMIC UNEMPLOYMENT - CLICK HERE!!