TAX SEASON MAY BE DELAYED

[Lion EA]

But we know from years of experience that most will not know the amount.

Also, how many amounts (EIP1 only) given by clients will be missing their child support offset; how many clients tell you they owe back child support?

I can deduct my new crystal ball as a business expense, right? 

[Pacun]

It seems that the stimulus refunds were untouchable.  I owed the IRS 14K and still got the full refund based on my 2019 situation. Have you seen situations where the stimulus refunds were diverted? 

[Lion EA]

EIP1 only could be offset for Child Support only. EIP2 can NOT be offset. Per The CARES Act (EIP1) and the CAA (EIP2).

[Catherine]

On 1/8/2021 at 11:06 AM, Pacun said:

I will be nice if the client who received and spent the money would know the amount, correct?

The ones with direct deposit only noticed (maybe!) that their balance was higher than expected at some point.  Checks... maybe they'd remember the amount.  Debit cards, no chance.

[Sara EA]

Anyone have any idea how it was determined who gets debit cards and others their stimulus payment by check or direct deposit?  Ours were paid by check (we had moved and closed the bank acct on our 2018 return) and direct deposit (by then we had filed our 2019 return with updated bank info).  I hate it when other things are refunded on a debit card.  Buy a washer and dryer and get your incentive rebate on a dr card.  No!  I took the cash out of savings to buy the darn things and only want to replace the cash.  I would think most folks would prefer their tax refunds/stimulus payments any way but dr card.  You likely can't pay the rent or car payment or student loan with it.  A few years ago the state of CT paid tax refunds with dr cards.  There must have been a big backlash because it never happened again.

[Pacun]

If the IRS had bank information from the last filed return (2019 or 2018), tax payer was going to get direct deposit.  They were also going to get direct deposit if taxpayers went to the website and enter their bank information in time. 

All others were going to get checks or debit cards. I guess the IRS said... let's put our printers to work but we also have contractors that can help by issuing debit cards. Let's give them 40% or 60% of the load to them.

I got a debit card which I was going to trash because I thought it was fake.  The tax return was filed as Pacun Gomez and Mrs Maria Hernandez. The card came as "Pacun Hernandez and Maria".  I have never been hernandez but hey, it was money, so I didn't care.  After reading the card and instructions, 5 minutes later, I have transferred all the money from the card to my checking account using my computer and I was done. 

[joanmcq]

Ok, I just checked the account the last stimulus went to and the account that was referenced on 2019.  Nothing.  What's happening?  It's not like I need the money, but still....