Stimulus plan Feed

When the Internal Revenue Service issued the first round of COVID-19 economic relief payments as debit cards last year, a lot of them ended up in trash cans. Many folks thought the mailing was just another slick marketing attempt to get them to apply for an added credit card. They tossed those envelopes and the valuable relief cards they contained in the trash. So that this next batch of approximately 8 million COVID relief debit cards now hitting (or at least heading to) mail boxes isn't mistaken for junk mail, the IRS has made changes to the envelope. Clear envelope... Read more →


Photo: Pixabay via Pexels The good news, at least from the reports I'm getting from my family, friends, folks in the tax community and social media, is that people are getting their second COVID-19 economic impact payments (EIPs). This latest round of payments officially is a tax credit known as the Recovery Rebate. It was part of the end-of-year federal funding bill, aka the Consolidated Appropriations Act, 2021 (CAA). The Internal Revenue Service started directly depositing the money, based on information it has in its system, on Dec. 29, two days after the legislation was signed into law. Now the... Read more →


Have you received your $600 COVID-19 economic impact payment (EIP)? If not, then you're probably doing the same thing as Purcival Fairweather. You're checking, double checking and rechecking yet again your bank account to see if the coronavirus cash is finally there. $600 check? More like check my account 600 times. — Purcival Fairweather 🍾 (@purcival) January 2, 2021 But your obsessive bank badgering won't have to go on very much longer. If your EIP doesn't arrive by Jan. 15 or shortly thereafter it's sent out as a debit card or paper U.S. Treasury check, then you're not getting it.... Read more →


Some taxpayers awoke today to $600 (or more!) in their bank accounts. The money is the maximum per-person amount authorized by Congress and signed into law on Dec. 27 as part of the second COVID-19 economic relief measure. The Internal Revenue Service, which once again is in charge of distributing the economic impact payments (EIPs), says the electronic delivery will continue into next week. Some account holders may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of Jan. 4, 2021. Sorry, but you'll just have to wait for the... Read more →


UPDATE, Dec. 29, 2020, 4:20 p.m. CST: Good news for those who saw their unemployment benefits lapse by the delayed signing of the second COVID relief bill. The Department of Labor say they will get the full 11 weeks of benefits, although most will have to wait a few weeks for state agencies to reprogram the package's provisions into their computers. To reflect this decision, the original headline "Millions out of luck and money as federal unemployment assistance ends" was changed. UPDATE, Dec. 27, 2020, 7:34 p.m. CST: The presidential COVID bill holdout is over. Donald J. Trump tonight signed... Read more →


Among those who need to pay particular attention to this coronavirus money deadline are some college students, families who get government benefits and homeless individuals. If you didn't get a COVID-19 economic relief payment or didn't get all to which you were entitled, you can still apply for the financial help this year. But act soon. Really soon. The deadline to let the Internal Revenue Service know you're due some of the relief money is 3 p.m. this coming Saturday, Nov. 21. Note not only the date but also the time. That's 3 p.m. Eastern Standard Time, not your local... Read more →


It's no surprise that bad people take advantage of bad situations. That's why as we continue to cope with COVID-19, pandemic-related scams — tax and otherwise — proliferate. The latest coronavirus tax scam arrives via a text message. COVID-19 text scam warning: It was created by thieves who are trying to trick people into disclosing bank account information under the guise of receiving the $1,200 COVID-19 Economic Impact Payment (EIP), according to the Internal Revenue Service and its Security Summit partners. This scam's text message tells recipients: "You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further... Read more →


While Congress is still, sort of, working on a second round of COVID-19 stimulus payments, the Internal Revenue Service is trying to get the first batch out to people who've yet to collect money for which they're eligible. For the most part, these are individuals who usually don't have to file a tax return. Since the IRS is using this tax filing information to distribute the economic impact payments (EIPs), these non-filers are out of luck. But they can get their data to the IRS by using the agency's online registration tool at the IRS.gov special Non-Filers: Enter Info Here... Read more →


Depending on your personal situation, your deadline to claim any or additional coronavirus stimulus money is Sept. 30 or Oct. 15. Miss the deadline, and you'll have to wait until next year for much-needed COVID-19 cash. Since it's still unclear if or when we might get another COVID-19 relief payment, it's even more important that every person who's eligible get all they can from the first stimulus payout. And to do that, a lot of folks need to officially touch base with the Internal Revenue Service. Soon. Like in a couple of days for some families. Wednesday, Sept. 30, is... Read more →


Are your spouse's debts are costing you? The IRS has a bit of good news for some husbands and wives. They'll be getting back the coronavirus payment portion they were shorted due to their spouses' unpaid child support. (Photo by Kat Jayne via Pexels) Congress and the White House may be struggling to reach a deal on additional COVID-19 economic relief payments, but the Internal Revenue Service has stepped up to get some of the original stimulus money to few more folks. The agency says that next month it will send catch-up Economic Impact Payments (EIPs) to about 50,000 individuals.... Read more →


Attention parents who rely on government program payments to help care for your families. If you missed out on the extra $500 per dependent child coronavirus economic impact payment (EIP), the Internal Revenue Service is giving you one last chance to get this supplemental money this year. The tax agency announced this afternoon that it is reopening registration for the added COVID-19 stimulus amounts. The IRS' online Non-Filers tool , which debuted back in mid-April, again will be available starting tomorrow, Saturday, Aug. 15. It will be open through Sept. 30 to allow affected individuals to enter their qualifying children's... Read more →


If you get $500 from Uncle Sam in the next week or so, don't freak out. It's real if you used one of the Internal Revenue Service's online coronavirus registration tools and didn't originally get all the relief you were due. The tax agency is sending the money to those who previously were denied the $500 per child economic impact payment (EIP) amount created by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The problem with the shorted amount wasn't with these individuals' or their minor children's' eligibility. It was due to a glitch in the IRS system set... Read more →


Congress is debating, sort of, the possibility of, among other pandemic-related issues, another round of COVID-19 economic relief payments (EIPs). That's good news for folks struggling to make ends meet in the wake of coronavirus-related economic troubles. But some folks haven't yet received the first stimulus checks created back in March under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Created to help, but…: Now there's some good news for some encountering relief payment problems. The Taxpayer Advocate Service (TAS) now can help taxpayers in certain situations resolve their COVID-19 payment issues. "Previously, the IRS did not have a... Read more →


Photo by Scrumshus via Citypeek-Wikipedia The Senate this week released its plan for another round of coronavirus relief. As expected, there are substantial differences between this Republican-crafted bill and the measure passed in mid-May by the Democratically-controlled House. Both bills are wide-ranging, but there are some key provisions that are of particular interest to most of us. Both also use as a basis in many areas the Coronavirus Aid, Relief and Economic Security (CARES) Act provisions that were enacted in late March. Below is a comparison of seven key areas in the latest GOP Senate's Health, Economic Assistance, Liability Protection... Read more →


Classic television's Cleaver family, circa 1960. (Photo via Wikipedia Commons) Senate leaders and U.S. Treasury Secretary Steve Mnuchin promise they'll release next week the Republican response to the Democratic House's already approved next round of COVID-19 relief payments. Until then, we're still speculating on what will be in the counter proposal. It's a safe bet, however, that it will contain a second round of direct payments. The first payments, created by the Coronavirus Aid, Relief and Economic Security (CARES) Act that became law in late March. What's not clear, though, is who would qualify for this additional stimulus money. Halfway... Read more →


Tax season 2020 is over. That means the focus of most Americans returns to the same thing we've been fixating on (besides taxes) for the last few months: COVID-19. The coronavirus is still here. It's getting worse in some — OK, a lot of — states. Even in the areas where it seems to be under better control, people are still worrying about what it means to their lives and, of course, their livelihoods. Although some jobs returned earlier this summer, that partial economic recovery is not expected to last after coronavirus cases reemerged following state re-openings. So folks are... Read more →


Erin M. Collins took over as National Taxpayer Advocate on March 30, just as the United States was coming to grips with the coronavirus, so it's no surprise that the pandemic and its effects on taxes are part of her first official report to Congress. "Starting in the midst of a pandemic and witnessing IRS offices closing one by one was not the way I envisioned my role when I accepted the position," wrote Collins in the report's preface. But, added Collins, there's been a silver lining. In conference calls with her leadership team, Taxpayer Advocate Service (TAS) employees and... Read more →


A recent government survey found most people are spending their COVID stimulus money on necessities, like food. (Photo by Anna Shvets from Pexels) What did you do with your COVID-19 economic impact payment (EIP)? If you're like most of the folks who responded to a U.S. Census Bureau survey, you used it to pay household bills. Many in the White House and on Capitol Hill had hoped the funds would help jump-start the stalled economy and then keep it going as businesses started to reopen. Looks like that's a big sorry on both counts. Instead, it appears, at least in... Read more →


Millions of folks — around 152 million of us, by the Internal Revenue Service's latest count — have received COVID-19 economic impact payments, or EIPs as they are called in the acronym crazy federal government (and tax) world. The payments of up to $1,200 per individual and $500 for each eligible child were created by the Coronavirus Aid, Relief and Economic Security (CARES) Act. The IRS began sending out EIPs in April. But now, two months after the CARES Act became law on March 27, some EIP-eligible recipients are still waiting for direct deposit or a paper check or a... Read more →


There are a lot of footprints on many U.S. beaches this Memorial Day weekend as folks seek seashores after weeks of staying home due to the coronavirus. (Photo by Wendy Wei via Pexels) This Memorial Day long weekend is a big one for numbers. As most states have relaxed at least some COVID-19 stay home orders, Americans are taking advantage of more openings to celebrate this unofficial start of summer. They are, naturally, heading to spots that offer traditional seasonal activities. There's no official counts of how many folks have flocked to U.S. beaches and lakes and parks, but the... Read more →