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Archive for April, 2020

A quick guide on how much the Economic Stimulus Payments will be

Tuesday, April 14th, 2020

The IRS recently released the following information:

Here’s how much the payments will be:
• Eligible individuals will receive up to $1,200.
• Eligible married couples will receive up to $2,400.
• Eligible individuals will receive up to $500 for each qualifying child.

Taxpayers will receive a reduced payment if their adjusted gross income is between:
• $75,000 and $99,000 if their filing status was single or married filing separately
• $112,500 and $136,500 for head of household
• $150,000 and $198,000 if their filing status was married filing jointly

In order to be eligible you must not be dependent on another tax return and you need to have a social security number.

If a person qualifies, they will automatically receive the payment if they filed a 2019 or 2018 tax return.

Payments will also be automatic for people who receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits who don’t normally file a tax return. Non-filers who have qualifying children may be able to get an additional $500 per child, they will need to enter some information at the following site:

Please consult your tax advisor on all the above information.

Coronavirus (COVID-19) Scam Alert

Friday, April 10th, 2020

The scammers are back, but have they ever really left?!?! The IRS recently issued a warning to watch out for scams related to the Coronavirus. There have been a surge of calls and fishing emails attempting to steal taxpayers information which will lead to identity theft and tax related fraud. The scam centers around the economic impact payment and tax refunds.

The scammers are calling, emailing, texting, setting up fake websites, and even reaching out on social media to try and trick people into giving them their personal and banking information. The scammers are either promising you will get your refunds faster or this is the required information in order for you to receive your economic impact payment.


The scammers have even been sending out fake checks with instructions to call them back to verify your information so they can steal it or to have you logon to one of their fake websites in hopes that they trick you into entering your personal information.

To distribute the money to taxpayers the IRS has different methods. They will do a deposit into your account if they have your direct deposit bank information if you previously provided one. In Mid-April, if you filed a previous return but didn’t do direct deposit, the IRS is creating a portal where you can enter your bank information to receive the payment by direct deposit. This portal will be on, you should go directly to this website and not click on an unsolicited email that claims it will take you to this portal. The other method is that the IRS will mail out checks if they do not have your bank information.

If you receive a scam request in any format you should forward it to:

Please consult your tax advisor on all the above information.