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IRS Outlines Impact Payment Plan

Distribution of economic impact payments will begin in the next three weeks, the Treasury Department and the Internal Revenue Service announced today. Most payments will be distributed automatically.

However, some seniors and those who do not usually filing tax returns must submit a simple tax return in order to receive payment.

Individuals with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive full payment. Payments are reduced by five dollars for each $100 of income above those thresholdsvSingle filers with income greater than $99,000 and joint filers with no children with incomes more than $198,000 annually are not eligible.

Eligible taxpayers who filed returns for 2018 or 2019 automatically receive up to $1,200 for individuals and $2,400 for married couples with parents receiving $500 for each qualifying child.

The IRS will use 2019 returns already filed in calculating payment amounts. The IRS will use 2018 filings for those who have not yet filed this year with the direct deposit information on the return utilized for distribution. The Treasure department plans to develop a web-based portal for those who have not provided banking information on returns so they can receive payments online.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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