After spending most of my time during the "Shelter In Place" on Zoom (and Free Conference Call, WebEx, Global Meet and my trusty iPhone),  I finally figured out what to do to make the podcast more of a regular feature and promote power partners GLM's clients should know and possibly utilize.  

The idea is to talk with a business associate I know very well. Maybe they have worked with a client, or I have learned of their outstanding reputation from others I trust. During the 10 Minutes interview I make sure to ask most of these questions:

• What (Specifically) do you do? 
• How do you do it?
• What is a “Typical Situation” people are in when they realize they need your help?
• What is something someone might say that would lead me to think of you?
• What is your Dream referral?
• How has your business changed recently?
• What advise do you have for people right now based on your industry?
• What will you do differently on the other side of this?
• How can I introduce you? 

Others have been posted on Social Media (Linked In, Facebook and Twitter) and all others can be found on our You Tube Channel: 

The IRS is regularly updating the Economic Impact Payment  and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Taxpayers should check the FAQs often for the latest additions; many common questions are answered in these.
 
More than 80 million Economic Impact Payments have already been delivered to the nation’s taxpayers. More payments are on their way. As part of this effort, the IRS has launched two tools to help taxpayers get their payments:

1.  Get My Payment is helping millions of taxpayers. Since its launch on April 15, millions of  taxpayers have been able to input their direct deposit information to speed—and track—their payments. The IRS reminds taxpayers the information is updated once daily, usually overnight, so they only need to enter information once a day.
2.  The Non-Filers Enter Payment Info tool is helping millions of taxpayers successfully submit basic information to receive Economic Impact Payments quickly to their bank accounts. This tool is designed only for people who are not required to submit a tax return.
    
   The IRS is working hard to deliver Economic Impact Payments to all eligible Americans as quickly as possible.

Quick links to the Frequently Asked Questions on IRS.gov:

Economic Impact Payments: www.irs.gov/eipfaq
Get My Payment tool: www.irs.gov/getmypaymentfaq

What to Do If Your Stimulus Check is For the Wrong Amount

From Kiplinger.com:
​
A stimulus payment was deposited into your bank account, but it doesn't seem like the right amount. Who do you call?
​The IRS started depositing payments into Americans' bank accounts less than three weeks after stimulus checks were authorized. In the first week alone, 80 million payments were made. That's quite an accomplishment, and the IRS should be applauded for cranking out deposits so quickly…but, in some ways, the rollout hasn't exactly gone according to plan.

There have been a few bumps in the road, such as problems with the "Get My Payment" tracking tool, deposits sent to incorrect bank accounts, and indecision on whether Social Security recipients would automatically receive payment. And, now, there are reports of people getting payments for the wrong amount. Sometimes, people are not getting the extra $500 for one or more children. In other cases, there's no apparent rhyme or reason why people received the amount they did. What do you do if this happens to you? Here's what we recommend.

https://www.kiplinger.com/article/taxes/T054-C005-S001-what-to-do-if-your-stimulus-check-is-wrong.html

​1.  IRS launches tool to help non-filers register for Economic Impact Payments

To help millions of people, the Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for people who don't have a return filing obligation, including those with too little income to file. The feature is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool.

"People who don't have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible," said IRS Commissioner Chuck Rettig. "The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people."

Economic Impact Payments will be distributed automatically to most people starting next week. Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.
For more information and additional updates, visit IRS.gov/coronavirus.


2.  IRS extends more tax deadlines to cover individuals, trusts and estates

The Department of Treasury and the Internal Revenue Service this week announced extensions of additional key tax deadlines for individuals and businesses.

Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.
Notice 2020-23 expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.
More information on tax relief is available at IRS.gov/coronavirus.


3.  CARES Act: Guidance available on net operating losses

The Internal Revenue Service this week issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, in addition the agency issued tax relief for partnerships filing amended returns.
 
COVID Relief for taxpayers claiming NOLs
Revenue Procedure 2020-24 provides guidance to taxpayers with net operating losses that are carried back under the CARES Act by providing procedures for:

• Waiving the carryback period in the case of a net operating loss arising in a taxable year beginning after Dec. 31, 2017, and before Jan. 1, 2020,
• Disregarding certain amounts of foreign income subject to transition tax that would normally have been included as income during the five-year carryback period, and
• Waiving a carryback period, reducing a carryback period, or revoking an election to waive a carryback period for a taxable year that began before Jan. 1, 2018, and ended after Dec. 31, 2017.

Six month extension of time for filing NOL forms
In Notice 2020-26, the IRS grants a six-month extension of time to file Form 1045 or Form 1139, as applicable, with respect to the carryback of a net operating loss that arose in any taxable year that began during calendar year 2018 and that ended on or before June 30, 2019.  Individuals, trusts, and estates would file Form 1045, and corporations would file Form 1139.
 
COVID relief for partnerships with NOLs
The IRS also issued Revenue Procedure 2020-23, allowing eligible partnerships to file amended partnership returns using a Form 1065, U.S. Return of Partnership Income, by checking the “Amended Return” box and issuing amended Schedules K-1, Partner’s Share of Income, Deductions, Credits, to each of its partners. Partnerships filing these amended returns should write “FILED PURSUANT TO REV PROC 2020-23” at the top of the amended return.

​The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?
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 vast 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.

I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.