I’m sure you’re going to get calls, emails, and texts this morning from clients wondering about the new Stimulus Plan.
So we just want to drop you some intel as the day gets started…
As of this writing (morning of March 25), the Stimulus Plan Bill has NOT passed.
However, it does look like they have an agreement and it could pass it today or tomorrow.
Highlights
Some highlights from REPORTS (not the actual bill, this is just reporting):
- $1,200 payment for each individual, $2,400 for married couples.
- $500 per child (not clear yet if they’ll have a limit on # of kids).
- Income phase-out limits for payments; no payment if your income $100,000 single or $200,000 Married Filing Jointly (not clear yet if that’s based on total income, Adjusted Gross Income, or what)
- Payments will be based on 2018 tax returns? Or 2019 if you’ve filed? Again, not clear yet. Either way, the payments appear to be tied to whether or not you filed a tax return. So, very likely you’ll have people wanting to file to get the payments. If you’re good at tax prep and active in your marketing and sales efforts, PREPARE TO BE EVEN MORE BUSY.
- Increased unemployment benefits. They appear to be adding $600 per week *extra* to the normal maximum unemployment benefit offered by your state.
- Large loan “fund” for small businesses. Possibly including “forgivable loans” where a small business can use the money to cover payroll expenses for a couple months and then not have to pay back the money.
Again I repeat this is only REPORTING, this is NOT the actual bill.
We recommend that you inform your clients that you’ll inform them once the actual bill is released and for now just provide general “this is what we are hearing” type information.
We’ll send you an email with the important details and will also host a webinar showing how Stimulus Bill affects your clients. This way, you’ll be able to share FACTUAL and ACCURATE info with your clients once that’s available which looks like will be soon.
Be sure to be on our mailing list for announcements about all our upcoming free webinars on relevant topics to make your life as a tax preparer easier and more profitable.
