Fure Financial - CARES Act Updates as of April 1, 2020
Your Fure Financial team is regularly monitoring developments following the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. We’ve identified several important updates we’d like to share with you.
- The IRS has developed a website addressing Coronavirus tax relief in general - here is a link to that website - IRS - Coronavirus Tax Relief.
- There is also an IRS website focused on the economic impact payments - Economic impact payments: What you need to know. We want to specifically call out one item on this page. If the IRS does not have direct deposit information on file for you, you may be able to change that as they are planning to develop a web-based portal in the coming weeks for people to provide their banking information to the IRS. The payment would then be deposited into that account as opposed to being sent via a check in the mail.
Please be aware that no government agencies (the IRS or your local state department of revenue) will be contacting you to request information for stimulus payments. If you receive a call, text, or email it is a scam!
If you get a suspicious email or text requesting information, report it. Do not click on links or open any attachments.
- We mentioned this during the video that was sent on Monday, but feel it’s important enough to state again. You will want to think strategically about whether to file your 2019 tax return before the economic impact payments are made. Since the payments will be determined based on your adjusted gross income from your most recently filed return (2018 or 2019), if 2019 income was higher than 2018 and may cause your payment to be reduced or eliminated, it likely makes sense to wait to file until after the payment has been received. If your income in 2019 was lower than 2018, it may make sense to file it as soon as you can because your 2018 income might reduce the payment you receive.
- Here is a link to a calculator that CNN built to help you determine how much of a payment you may receive - Economic Impact Payment Calculator.
- If you or anyone you know has had their hours reduced at work or has been furloughed, please consider filing for unemployment benefits. You may be eligible and the best way to know if you qualify, is to file. Here is a link to a website sponsored by the U.S. Department of Labor where you can search for your state’s unemployment insurance website - Unemployment Benefits Finder.
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