UPDATE APRIL 2, 2020
As I blogged a week ago, American households and taxpayers will receive a stimulus check (your hard earned taxes coming back to you) due to the Government imposed "Shelter-in-Place." For most Americans who previously permitted IRS "Direct Deposit" of tax refunds into their bank accounts, they will receive their stimulus check in the same fashion. This will likely occur in the next 14 days. However, for those of us who do not have their banking information updated or filed with the IRS, actual paper checks will be mailed starting in May, 2020 at the rate of 5,000,000 per week. Put plainly, it can be up to 20 weeks before you receive your stimulus check if you do not have auto-deposit information filed with the IRS. (See https://apnews.com/58fd3ecc3c35e191e04a880a849b8d63).
What can you do? You should contact your accountant immediately and ask if he or she can update your direct deposit information with the IRS or file your 2019 taxes immediately with your direct deposit information! Otherwise you are taking the risk of not receiving your stimulus check until Summer.
(Original Blog March 26, 2020)
In light of being "sheltered-in-place" in our homes, snapping at spouses, significant others, children, neighbors, household pets, neighbor's cats etc., good news occurred in the United States Senate yesterday (March 25, 2020) in that the COVID-19 Stimulus Bill was passed. What does that mean for most American individuals and families? It means that each qualifying household will receive some of their hard-earned tax dollars back in the form of a "Stimulus Check."
In general, each qualifying adult will receive $1,200.00 and each child will receive $500.00. There are restrictions (based upon adjusted gross income, caps on higher income earners etc.) but at least most Americans will receive some money in their bank accounts to use for essentials during the government imposed quarantine.
How much will your household receive? The Washington Post has a terrific "Stimulus Check" calculator which should give you an estimate. https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/
For individuals who have custody agreements, divorce decree or shared parenting plans, the ability to "Claim" children for tax purposes becomes more and more important. In this instance, if you were permitted to claim a child for tax purposes, that ability would provide an additional $500.00 per child. Do not let this issue "fall to the wayside" during your divorce, dissolution, custody or shared parenting negotiations!
For a video or phone consultation regarding this process, please feel free to contact me at 440-213-3184 (my cell), 440-930-4001 (my office line) or firstname.lastname@example.org Stay safe and well!