Congress wasted a week being dysfunctional (shocking, eh?), but today, they finally passed a wee little stimulus package. The business part is still pretty much unknown by everyone, including the banks who are supposed to implement it, but here’s the skinny. The Federal Gov’t is backstopping loans to small businesses in the hope they use it to retain employees, pay rent, and not go under. The usual stuff. Some or all of these loans may be forgiven, but the details on that are pretty murky at the moment. (“Pass the bill so we can find out what’s in it”)
We do know the details on the taxpayer stimulus!
- Single persons with AGI (Adjusted Gross Income) under $75,000 will get $1,200. That amount is reduced as AGI goes up to $99,000.
- Married couples with AGI under $150,000 will get $2,400 plus $500 per child. That amount is reduced up to AGI $198,000.
- Unmarried Head of Household persons with AGI under $112,000 will get $1,200 plus $500 per child. That amount is reduced up to AGI of about $150,000.
Anyone who filed in TY2019, TY2018 or had SSA income (even if they didn’t file) is eligible, provided they aren’t a dependent of another person.
Congress says the money will come “ASAP”, or “in about 3 weeks”, if you believe that. Me, speaking for the IRS’ IT staff, “yeah right, maybe you should have asked us before promising that!”. They will use your TY2019 direct deposit info, or your TY2018 direct deposit info if they don’t have it for TY2019, or the most current mailing address you have on file. If you changed banks since TY2018 and haven’t filed yet in TY2019, you better get on it now! If you owe every year like me, you’ll probably get a check in the mail.
Alrighty, so “we’re from the gov’t and we’re here to help you” and the “check is in the mail”. Keep in mind the gov’t gets all its money from us, so someone will have to eventually pay back all this money, and Congress isn’t taking a pay cut!
We have reduced our office hours to M-F 9-5, Sat 9-12 until April 15. After that, we will go to off-season hours (usually 2 days per week) and have only very limited availability for appointments. We will, as always, still be available by email and phone.