World news – Summertime is coming this weekend and possibly COVID relief payments – Salisbury Post


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Via news service report

WASHINGTON (AP) – Coupled with daylight saving time, this weekend could bring some Americans thicker bank balances.

Treasury and Internal Revenue Service officials said Friday that processing of the new round of stimulus payments has already begun, aiming for the first payments to appear in bank accounts this weekend.

President Joe Biden signed the new $ 1.9 trillion bailout on Thursday, the day after the final pass in the House of Representatives. The move provides for payments to eligible persons of up to $ 1,400 and payments to a qualified family of four of $ 5,600.

« Payments are automatically delivered to taxpayers, even if the IRS continues to issue tax refunds on a regular basis « IRS Commissioner Chuck Rettig said in a statement.

It is estimated that 85% of Americans are eligible for the payments and the goal is for millions of payments to be made over the next few weeks.

The relief measure, which passed partisan votes in both the House and Senate, includes the third round of economic impact payments. The first round, which passed last spring, yielded up to $ 2,000 per person, and a second round of payments in December yielded up to $ 600 per person.

The latest package passed without votes from Republicans opposing discussed the scope of the measure and argued that this was not necessary given the signs of an incipient recovery in the economy.

The then President Donald Trump described the payments in the $ 900 billion auxiliary bill passed in December as too low, and Biden agreed and increased the grand total for one person to $ 1,400 in the new package.

With the latest round of aid payments, households will receive $ 1,400 for each adult, child, and dependent adult, e.g. B. Students or elderly relatives. Adult relatives were not eligible for payments in the last two payment rounds.

Payments for an individual begin to decrease once their adjusted gross income exceeds $ 75,000 and zero when their income reaches $ 80,000. The payment for married couples begins to decrease when income exceeds $ 150,000 and goes to zero at $ 160,000.

Officials said that starting Monday, people will be checking the Get My Payment tool on the website to track their own payments.

Taxpayers who have provided banking information to the IRS will receive the direct deposit payments, while others will receive checks or debit cards in the mail.

Officials said in the interests of speeding up relief payments the IRS will use the latest available tax return, either the 2019 tax return filed last year or the 2020 tax return due by April 15th.

If a person’s work situation has changed in the past year due to the pandemic that resulted in millions of people being lost their jobs or being forced to work fewer hours, officials said the IRS is increasing the amount of the new en will adjust Impact Payments after the 2020 return is submitted and make an additional payment if necessary. Officials said these adjustments are made automatically by the IRS for people who have already filed their 2020 returns.

Officials said they wanted to process payments this way instead of waiting for 2020 tax returns filed to expedite payments to taxpayers.

By David Shaw For the Salisbury Post MOUNT ULLA – After two weeks in the dark … West Rowan’s soccer team … read more

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