The Senate unanimously approved a $2 trillion coronavirus stimulus aid package on Wednesday night, with 96 senators voting in favor and zero opposed. People who make less than $75,000 a year are eligible for the full one-time payment of $1,200.
Married couples will receive a check for $2,400.
Treasury Secretary Steven Mnuchin said Wednesday that the Trump administration plans to start sending payments to individuals within three weeks of the bill being signed into law, but a clear timeline hasn't yet been established. But people who ultimately qualify for less money than they got this year-a person whose income rises from $70,000 to $100,000-wouldn't have to pay it back.
One of the key provisions in the spending package is direct cash payments that will be made to eligible taxpayers - based on their adjusted gross income. If you haven't received a refund via direct deposit, the check from the IRS will be sent to your last known address (you should be notified within 15 days by the agency how the money was sent, and they should provide a phone number and point of contact so you can let them know if you don't receive it).
Taxpayers who have filing or payment due dates other than April 15 have not been granted relief at this time.
If you make $99,000 or more as an individual or $198,000 as a married couple with no children, you do not qualify for a payment.
For those who haven't yet filed a tax return for 2019 or 2018, the advice is the best way to ensure they receive a recovery rebate is to file a 2019 tax return if they have not already done so.
To help alleviate some of the unprecedented challenges facing bars and restaurants due to COVID-19, Governor Pritzker has directed IDOR to defer sales tax payments for eating and drinking establishments that incurred less than $75,000 in sales tax liabilities past year.
Alternatively, people who receive tax refunds through the mail will have to hold out much longer.
Will the money I get now be taxed later? For that reason, many people might be wondering if having debt, or owing the government money, excludes you from receiving a stimulus check.
IRS is unlikely to come up with this idea on its own. The civil servants that run the place are not interested in taking on what they regard as somebody else's job, immigration management.
In order to put recession-fighting checks into the hands of millions of Americans, the USA government will rely on a tax agency that has fewer workers, a smaller budget and the same 1960s-era computer systems it had the last time it was asked to do so.
The IRS has struggled to find employees who can work with the COBOL language that underpins a computer system first set up in 1968, according to the Government Accountability Office.