American Rescue Plan Act: Parents and other eligible Americans to receive direct payments

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American Rescue Plan Act: Parents and other eligible Americans to receive direct payments

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March 16, 2021 , , ,

American Rescue Plan Act

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the coming months through a greatly revised Child Tax Credit.

Here are some answers to questions about these payments.

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The COVID-19 relief law: What’s in it for you?

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January 5, 2021 , , , ,

COVID relief law

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR).

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Some people are required to return Economic Impact Payments that were sent erroneously

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June 30, 2020 , , ,

return Economic Impact Payment

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have already been sent through a combination of electronic transfers to bank accounts, paper checks and prepaid debit cards.

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Did you get an Economic Impact Payment that was less than you expected?

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May 19, 2020 , , , ,

Economic Impact Payment

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion.

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Do you have tax questions related to COVID-19?

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May 5, 2020 , , ,

Covid-19 tax questions

Here are some answers.

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.

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Cash payments and tax relief for individuals in new law

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March 31, 2020 , ,

COVID-19 Cash Payments

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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Individuals get coronavirus (COVID-19) tax and other relief

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March 24, 2020 , ,

Tax Relief

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

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