Updated 05/10/2020
         

MORE UPDATES:

Economic Impact Payments

(stimulus checks)

         

    (click the links above to read the update)
      
DIRECT DEPOSIT UPDATE
      

The IRS announced Friday that time is running out for taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment (IR-2020-92). "We're working hard to get more payments quickly to taxpayers," said IRS Commissioner Chuck Rettig. "We want people to visit Get My Payment before the noon Wednesday deadline so they can provide their direct deposit information. Time is running out for a chance to get these payments several weeks earlier through direct deposit."

       

Taxpayers who need to enter their bank account information must do so by NOON on WEDNESDAY, MAY 13

      

After that date, any stimulus payments that have not been processed will be transferred to the Bureau of Fiscal Services for delivery of paper checks. Paper checks have already started being mailed out on April 24 and will continue as follows:

        

  • Earning $10,000 or less - April 24th

  • Earning $20,000 or less - May 1st

  • Earning $30,000 or less - May 8th

  • Earning $40,000 or less - May 15th

  • Earning $50,000 or less - May 22nd

  • Earning $60,000 or less - May 29th

  • Earning $70,000 or less - June 5th

  • Earning $80,000 or less - June 12th

  • Earning $90,000 or less - June 19th

  • Earning $100,000 or less - June 26th

   

  • Earning $110,000 or less – July 3rd

  • Earning $120,000 or less – July 10th

  • Earning $130,000 or less - July 17th

  • Earning $140,000 or less – July 24th

  • Earning $150,000 or less – July 31st  

  • Earning $160,000 or less – August 7th  

  • Earning $170,000 or less – August 14th 

  • Earning $180,000 or less – August 21st  

  • Earning $190,000 or less – August 28th  

  • Earning under $200,000 – Sept 4th   

 

To date, an estimated 2,307,675 payments have been sent to Wisconsin taxpayers totaling $4,025,320,018.

PAYMENTS FOR DECEASED FAMILY MEMBERS
      
 

The Treasury Department has announced that stimulus checks made out to deceased taxpayers should be returned

Since the stimulus checks are based on either 2018 or 2019 tax returns, some estates are receiving stimulus checks for people who passed away in 2018. The IRS says that anyone who died before receiving the payment isn’t eligible and the people who received payments on their behalf should return them, though the agency hasn’t announced any enforcement actions in those situations to take back the payments. The IRS website now has instructions about how people can make repayments.

Legal experts say there is no law requiring people to return the payments.

However, it's important to remember that the payment is actually an advance tax credit for your 2020 tax year. The IRS and Treasury did not say what would happen if these payments were not returned or otherwise repaid. While some law experts say the government may not have the legal authority to require it be returned, it may be possible for the IRS to impose penalties if the (deceased) taxpayer isn't able to reconcile their payment on their 2020 tax return. Additionally, AARP has also posted an article which cited that 'ethically, the right thing would be to not cash the check'.

             

Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions below. The entire Payment should be returned. In the case of a Payment made to joint filers and one spouse had not died before receipt of the Payment, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000. 

       

How to Return an Economic Impact Payment (EIP)?
      

If the payment was a paper check:

  1. Write "Void" in the endorsement section on the back of the check.

  2. Mail the voided Treasury check to the appropriate IRS location.

  3. Don't staple, bend, or paper clip the check.

  4. Include a note stating the reason for returning the check. 

       

If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:

  1. Submit a personal check, money order, etc., to the appropriate IRS location.

  2. Make payable to “U.S. Treasury”.

  3. Write "2020EIP", and the taxpayer identification number of the recipient of the check.

  4. Include a brief explanation of the reason for returning the EIP.

           

Wisconsin residents should return their payment to:

Fresno Refund Inquiry Unit
5045 E Butler Avenue
Mail Stop B2007
Fresno, CA 93888

      

The address for residents of other states can be found here

 
NON-FILERS
      

The IRS also emphasized that the Non-Filers portal is still operating so that taxpayers who will not automatically get their payment can still file returns to receive the payments.

    

Tax return filers, Social Security beneficiaries, Supplemental Security Income recipients, and VA benefit recipients are expected to automatically receive an economic impact payment.

    

Use the Non-Filers Tool

 
REMINDER
      

The IRS will not call, email, or text you about your Payment. The IRS will not contact you to request personal or bank account information. Watch out for websites and social media attempts that request money or personal information and for schemes tied to Economic Impact Payments.

        

The IRS urges taxpayers to visit IRS.gov – the official IRS website – to protect against scam artists. The IRS has issued a warning about coronavirus-related scams.

      

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.

04.10.2020 Stimulus Update

           

Go To COVID-19 Index

           

CONTACT US

           

Strive Tax & Accounting, LLC reminds readers that the information which is summarized herein is for general and informational purposes only, it is not legal advice. It does not take into account your specific circumstances and should not be acted on without full understanding of your current situation and future goals and objectives by a fully qualified financial advisor. In doing so you risk making commitment to a product and/or strategy that may not be suitable to your needs.

   

While we have tried to ensure the accuracy and completeness of the contents of this website, Strive Tax & Accounting, LLC cannot offer any undertaking or guarantee, either expressly or implicitly, including liability towards third parties, regarding how correct, complete or up to date the contents of this website are. We reserve the right to supplement this website at any time or to change or delete any information contained or views expressed on this website.

Please consult us or your legal professionals regarding any specific matters related to the CARES Act that may affect your firm and its portfolio companies.

       

Strive Tax & Accounting, LLC accepts no liability for any loss or damage howsoever arising out of the use of this website or reliance on the content of the website.

 Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions.

Continually striving for accuracy, excellence and the highest level of integrity.

Strive Tax & Accounting, LLC

CPA's specializing in small business tax and accounting with emphasis in construction and manufacturing for corporation and passthrough entities.

PO Box 28353

Green Bay, WI 54324

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