The Tax Service

Barry Lang Juan Rodriguez Jr. Karina Lima The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. "We urge people to take extra care during this period. The IRS isn't going to call you asking to verify or provide your financial information so you can get an economic impact payment or your refund faster," said IR...S Commissioner Chuck Rettig. "That also applies to surprise emails that appear to be coming from the IRS. Remember, don't open them or click on attachments or links. Go to IRS.gov for the most up-to-date information." Taxpayers should watch not only for emails but text messages, websites and social media attempts that request money or personal information.

Barry Lang Juan Rodriguez Jr. Karina Lima The IRS will use your 2019 tax return, if you've already filed it, or your 2018 return to calculate the amount of your payment. The payments would not be subject to tax, and those who owe back taxes will still get the payouts. Individuals are due up to $1,200 and couples will receive up to $2,400 -- plus $500 per child. But payments start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything. The income thresholds would be doubled for couples.

Barry Lang Juan Rodriguez Jr. Karina Lima People who can be claimed as a dependent, even if they are not, are not eligible for a payment! The dependent distinction, though, doesn’t just leave out college students. Anyone supporting adults with disabilities and elderly dependents also will not qualify for the additional $500 check https://www.cnbc.com//many-college-students-are-ineligible

Barry Lang Juan Rodriguez Jr. Karina Lima This has been a much talked about subject. Many people have asked us about this. Lets hope they pull it off so you guys can change your banking info. Now, the Treasury is planning to develop "in the coming weeks" a web-based portal that will allow people to provide their banking information to the IRS online so that they can receive their payments immediately.

Juan Rodriguez Jr. Barry Lang Karina Lima The Treasury Department, clearing up confusion, has announced Social Security recipients will not have to file a tax return in order to receive the economic stimulus payments the government is preparing to send out amid the coronavirus pandemic. https://www.cnn.com//social-security-stimulus-p/index.html

Its almost that time of the year again. Yeah that's right,, TAX TIME! Please call us if you have any questions or concerns.

Happy Tax Service Tuesday!!! Come on down and see us today.

Happy St. Patrick's Day from everyone here at The Tax Service

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Thank You Stephanie

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