In March 2020, Congress started down the rather unusual but not unprecedented path of sending people checks to help them deal with effects of the COVID-19 pandemic and economic downturn. Nationwide, as many as 8 million households appear to have been eligible for this first round of economic impact payments (EIPs) but had not received the money by the
Taxes
The third and biggest round of economic stimulus payments will start to hit taxpayers direct deposit … [+] accounts this weekend. getty The Internal Revenue Service announced today that it will begin delivering Round 3 economic stimulus payments this weekend. The $1,400 per person economic impact payments were part of the $1.9 trillion Covid-relief stimulus
Directly above short of wooden blocks with word – Trust. Business concept getty The most challenging decision an estate planner must make is who to recommend as a trustee for a client. Trusts execute the estate plan, and the trustee is the lynchpin of any trust. The trustee plays multiple roles; a financial and ministerial role; they
Retirees, newborns, and students find out they’re in line to get recovery rebate credits on their … [+] 2020 tax returns as well as round 3 stimulus payments. getty A retired widowed engineer who typically has $120,000-plus in income got welcome news from his tax preparer. He’s getting $1,800 — Round 1 $1,200 plus Round
Tax Time Shutterstock Even though it’s too late to elect Section 475 MTM for tax-year 2020, the opportunity for 2021 is available now. In this blog post, I will cover the scenarios that make it prudent to obtain Section 475 for tax-year 2021 and how to make the election. Before I dive in, let’s review