VIEWpoint Issue 1 | 2020
VIEWpoint Issue 3 | 2019
Contractor’s Revenue Recognition Reminder Checklist
The Internal Revenue Service (IRS) and the Treasury Department recently stated their plan to disburse the third round of Economic Impact Payments (EIPs) as soon and safely as possible. Eligible individuals who have previously received direct deposit payments from the IRS will automatically receive an EIP up to $1,400, or $2,800 for married couples filing jointly, and an additional $1,400 for each qualifying dependent. Unlike the previous EIPs, families will not only receive payments for their qualifying children under 17, but all of their qualifying dependents claimed on their tax returns.
U.S. citizens and U.S. resident aliens will generally be eligible for the new EIP. Individuals can expect to receive the full amount of the third EIP if they (and their spouse, if filing jointly) are not a dependent, have a valid Social Security number and the adjusted gross income (AGI) on their tax return is not more than:
If an individual’s AGI amount is greater than those above, payments will begin to be phased out. Taxpayers won’t receive a third EIP if their AGI is greater than:
It’s important to note that the form of payment for taxpayers’ third EIP could be different from previous stimulus payments. More individuals have opted in for direct deposit, but those who haven’t may receive either a paper check or an EIP card. Regarding EIP cards, the IRS states, “EIP Cards are safe, convenient, and secure. EIP Card recipients can make purchases online or in stores anywhere Visa Debit Cards are accepted. They can get cash from domestic in-network ATMs, transfer funds to a personal bank account, and obtain a replacement EIP Card if needed without incurring any fees.” The IRS and Treasury encourage individuals who have not received an EIP direct deposit to carefully monitor their mail in the coming weeks.
If you have questions about the latest EIP and whether you’ll qualify, contact Doeren Mayhew’s CPAs and tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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