The IRS warned taxpayers to watch out for emails, text messages, websites, and social media attempts related to the coronavirus that request money or personal information. Taxpayers should not click on links from emails that appear to come from the IRS. The IRS and its Criminal Investigation Division have seen a wave of new and evolving phishing schemes against taxpayers. In most cases, the IRS will deposit economic impact payments into the direct deposit account taxpayers previously provided on tax returns. Taxpayers who have previously filed but not provided direct deposit information to the IRS will be able to provide their banking information through a newly designed secure portal on www.irs.gov in mid-April. If the IRS does not have a taxpayer’s direct deposit information, a check will be mailed to the address on file. No one from the IRS will be reaching out to taxpayers by phone, email, mail, or in person asking for information to complete economic impact payments. If you have questions or concerns, please reach out to your Linkenheimer CPA.
To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended.
But buying coverage is one thing — making a claim and receiving the funds is quite another. Depending on the scope of your loss, the insurer may enlist its own specialists to audit and reduce your claim. Fortunately, you can enlist a CPA to help you prepare a claim, quantify business interruption losses and anticipate your insurer’s challenges.
There are two major roles your accountant can play in managing the claims process:
1. Point person. He or she can be the primary contact with the insurer, dealing with the typical onslaught of document requests. This leaves you free to run your business and bring it back up to speed.