by Paula Kennedy, EA | May 28, 2020 | COVID-19
The short answer: No. The stimulus check payment or economic impact payment, as the IRS calls it — is technically a refundable tax credit for 2020. As explained by the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not...
by Paula Kennedy, EA | May 26, 2020 | COVID-19
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals...
