Max Tax Professional Services

LATEST UPDATE Direct Payments: Households making under $75,000 (or $150,000 for a couple) would receive $600 for each adult and $600 for each dependent. Unlike the first round of direct payments, people in mixed status families (married to or children of people who are undocumented) will now be eligible for the stimulus checks. Extended Unemployment: Everyone who qualifies for unemployment checks will also get an additional weekly payment of $300. The $300 a week in additiona...l unemployment will be extended for another 11 weeks, starting after Dec. 26 and through March 14, as is the Pandemic Unemployment Assistance for freelancers and gig workers. Housing Relief: The stimulus package will provide $25 billion to be distributed through state and local governments to help renters who have fallen behind. Assistance would be prioritized for families with lower incomes and that have been unemployed for three months or more. The agreement would also extend a moratorium on renter evictions through Jan. 31. To be eligible, renters must have experienced a substantial loss of household income, a layoff or extraordinary out-of-pocket medical expenses, among several other conditions and they can’t expect to earn more than $99,000 in 2020 (or $198,000 for married people filing their tax returns jointly)

LATEST NEWS RE: STIMULAS A central part of the stimulus are one-time checks that the government will mail to people. Any household with income below $150,000 will likely receive at least $1,200. Families with children will receive more.

LATEST INFORMATION: Paycheck Protection Program: Will be refueled with $284 billion in funds. Businesses that already received a PPP loan will be eligible to get a second one under the new terms. Some of the PPP funds will be set aside for the smallest businesses and community-based lenders. Stimulus checks: A second round of direct payments to Americans up to $600 per adult and per child. Also the bill will allow U.S. citizens who are in households that also include non-ci...tizens to receive the payments. Unemployment benefits: Two expiring CARES Act programs the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation were extended for 11 weeks. Also, Congress will add $300 to all weekly unemployment benefits. Workers who rely on multiple jobs and have lost income will also be eligible for a weekly $100 boost as well. See more

Latest SCAMS DON’T FALL FOR THIS 1. ‘You need to pay a small fee to get your stimulus check’ 2. ‘We’re calling from the FDIC and we need your bank information’ 3. ‘We’re calling to tell you your identity was stolen; you need to buy some gift cards to fix it’... 4. ‘We’ll cancel your Social Security number’ 5. ‘This is the Bureau of Tax Enforcement, and we’re putting a lien or levy on your assets’ 6. ‘If you don’t call us back, you’ll be arrested’ 7. ‘Use this Form W-8BEN to give us personal data’ 8. ‘Click here to see some details about your tax refund’ 9. ‘We’re from the Taxpayer Advocate Service and we need some information’ 10. ‘Click on this to see your tax transcript’ 11. ‘Take this FBI survey’ 12. ‘You owe the Federal Student Tax’ 13. ‘We don’t need to sign your tax return even though we prepared it’ See more

Please be advised.... The IRS does NOT text you. These are scams! Do not fall for this. Many clients are calling me up to ask me about this. BE AWARE.