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Truckers, benefits and IRS vs. Coronavirus

Truckers, benefits and IRS vs. Coronavirus



In most of President Trump´s latest press conferences, he mentions that truck drivers are the heroes fighting the COVID-19 pandemic. And yes, our men and women truckers who participate in this fight deserve this recognition. You, as well as the doctors and nurses and other workers who expose your lives at every moment, should receive admiration and recognition, not only from the government but from the entire country.

Currently, events are happening so fast that when you read a news story about an event at any given time, an hour later it has to be updated because what you heard an hour ago is no longer valid. This is how the current situation forces us to be attentive to what is happening and to continually update it.

For example, with regard to government stimulus checks through the IRS. It was announced that we would have this benefit with direct deposit to the taxpayers´ bank account. To later add the different forms of distribution, since the retired people would receive their money from this stimulus by mail taking the Social Security database as a reference.

With regard to people who paid taxes in 2018 or 2019, they will receive it in the second stage of incentives. As the Internal Revenue Service says, you don´t need to do anything except wait, you will receive your stimulus sooner or later, no matter what they are owing to the IRS. However, people who have an ITIN will not qualify for this benefit, even if one spouse has their Social Security number and the other has an ITIN, they do not qualify.

Both individuals and small businesses have been taken into consideration to receive financial benefits. Small businesses have two types of loans:

• SBA Debt Relief, which the Small Business Administration is providing financial relief to small businesses during the COVID-19 pandemic. The amount that can be requested is $10,000 at less than 1% annual interest, although it may be non-repayable if you meet certain requirements and you can apply for this loan at Covid19relief.sba.gov/#/. Remember that this loan can be requested by both corporations and independent contractors.
• Paycheck Protection Program, this loan program offers loan forgiveness to retain employees. In other words, those businesses that have their employees on payroll can request it. The amount that you can request for loans is the monthly payroll of employees multiplied by 2.5 and you can process it through your bank.

Jagg Tax Solution Inc. asks its clients and all the truck drivers’ friends to follow all the recommendations of the authorities and keep social distance.

 







Taxes at the Wheel

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Edic.: 154
Autor: Gustavo Nuñez
Date: 5/2020


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