TAX PREPARATION – SUSPENDED
Free tax preparation provided by Senior Services’ offices, has been suspended until further notice.
ECONOMIC IMPACT PAYMENT
The U.S. Department of the Treasury announced yesterday that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. The press release can be found here: https://home.treasury.gov/news/press-releases/sm967
The best source for updates regarding the COVID-19 Economic Impact Payments and other Tax Relief programs: https://www.irs.gov/coronavirus
Also, to find the latest COVID-19 related updates from the Social Security Administration: https://www.ssa.gov/coronavirus/ They have updated information when individuals should conduct SSA-related business online versus calling their local office or the National 800 Number. There are not enough SSA employees currently available to handle the call volume to the national 800 number, so callers will likely experience extremely significant delays or inability to access the line.
NEW TAX FILING DEADLINES
Federal Tax Returns are now due on JULY 15, 2020
Illinois State Tax Returns are now due on JULY 15, 2020