The IRS has cleared up some confusion regarding senior citizens’ stimulus payments, as a result of a contradiction between the IRS website and the language of the CARES Act about whether or not a “simple tax return” will need to be filed. It has been clarified that seniors will not need to file tax returns to receive a stimulus … Read More
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
As of now, the stimulus coronavirus bill includes cash totaling $301 billion per the Tax Foundation (a think tank that has modeled the proposal). However, not everyone will be receiving a check due to two significant requirements: 1- a phase-out as income increases and 2- filing an income tax return. At first glance, the plan’s provisions seem simple. Adults would … Read More