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Economic impact payments: What you need to know
Check IRS.gov for the latest information: No action needed by most people at this time
IR-2020-61, March 30, 2020
WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.
How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.
I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.
America’s Economic Solution for COVID-19: J. Scott Scheel Proposes the Moratorium And Forbearance Debt Relief Act (MAFDRA)
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Mar 27, 2020, 09:44 ET
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CLEVELAND, March 27, 2020 /PRNewswire/ — This is an Open Letter from J. Scott Scheel, Founder of the Commercial Academy. He offers a solution to stabilize the national economy for millions of American workers, small businesses and employees. The MAFDRA “multi-lateral economic time-out” plan can simply and fairly solve what could become a massive extended wave of default and devaluation for every debtor and creditor, including individuals, small and large businesses, public and private institutions, entire industries and government entities.
COVID-19 has the potential to have an unprecedented financial impact on our economy. In prior emergencies, ambitious proclamations were made promising relief and support, and yet in the end, there was often limited benefit for those who really needed it most. Governmental action on COVID-19 has identified the strength and unique nature of the American workforce. Americans do NOT want to stop working, rather they are being governmentally mandated to stop working.
We all want to do our part to flatten the curve and end the viral threat but we are told that 95% of positive cases will only experience mild to moderate symptoms. Therefore, we must not only protect those at health risk but also those at economic risk. We have a responsibility to protect all called to sacrifice, in order for their futures to be intact at the conclusion of this historic crisis.
The solution is the COVID-19 Moratorium and Forbearance Debt Relief Act (MAFDRA). While this plan has some components similar to others being discussed, MAFDRA goes further in addressing all debt for all individuals and entities.
MAFDRA’s first phase mandates a full forbearance of payments and interest for a duration equal to the length of the Federal State of Emergency and Government-mandated quarantine. MAFDRA begins immediately and lasts a minimum of 90 days. It addresses all revolving and installment debt service payments (bank debt, residential and commercial real estate loans and leases, automotive and equipment finance, credit card debt, government payments, property taxes, student loans, etc.) MAFDRA further mandates an across-the-board moratorium on interest.
Notably, MAFDRA provides for NO blanket cash payments from the government to individuals, although it dovetails well with recent federal legislation. MAFDRA also provides NO debt forgiveness by any party. All payers will resume making their payments as of a federally mandated date of resumption and in the same place where they were before MAFDRA started. MAFDRA’s second phase then supports the fiscal quarter(s) after the resumption date, giving small businesses time to remobilize, restock and re-staff before the nation resumes its full economic velocity.
For typical American workers, with their largest payments in forbearance, they could then tend to the essential expenses of providing food for their families and energy for their homes. For those unable to pay energy bills, MAFDRA mandates a 90-day moratorium on utility service interruptions with payments spread out over an extended period after resumption, with a reasonable interest rate.
MAFDRA not only mandates compliance by all lending institutions registered in the U.S., it includes provisions that lending institutions must make small business loans and lines of credit available on a timely basis through this crisis, as recently suggested by Treasury Secretary Mnuchin. Since artificial loan defaults won’t occur with MAFDRA, banks can take an active role in jumpstarting the economy without fear of being shut down due to excessive defaults, as experienced in the Great Recession.
MAFDRA addresses all root causes of previous failures. Federal legislation can provide a Federal mandate to “skip” these months in all financial documents. April, May and June “financially didn’t happen” and are simply added to the back of all payment schedules. America’s workforce resumes their rightful debt payments at pre-crisis values and terms at the conclusion of MAFDRA’s Phase 2.
No one loses their home, business, livelihood or assets. Everyone is impacted in the same way. Without the economic stress, Americans could tend to their health, their families and the community’s most vulnerable. MAFDRA’s “time-out” scenario can be our solution. We keep it simple, so everyone in the country can eventually return to their normal posts to responsibly resume paying their debts. Why cause billions of dollars in losses on all sides?
For more on MAFDRA and J. Scott Scheel, visit: CommercialAcademy.com/MAFDRA
Contact: J. Scott Scheel
Call: 216-731-8616 extension 1789 or 1779
SOURCE Commercial Academy