Accounting Group LLC
Newsletter
The following are excerpts out of a recently published article that you may
of seen in the news this week, published by the Seattle PI. It relates to reasons
why many taxpayers have not received their
stimulus checks yet, or won't get any or the maximum amount.
If taxpayers owe any federal debts, child support, student loans or other
obligations, all or part of their tax rebate could be applied to those
debts. The IRS will send a letter explaining why and how much of their
rebates are withheld.
Taxpayers who filed joint returns also have
learned that they won't get a rebate if their spouses didn't have a
valid Social Security number. Congress had intended to exclude illegal
immigrants from the rebates, but left out thousands of others, including
U.S. service members married to foreigners. On Thursday, Congress fixed
that by passing a $2 billion package of tax breaks that includes a
provision saying active-duty personnel who file a joint tax return will
be eligible for the tax rebate even if the spouse does not have a Social
Security number.
Filers who had tax-preparation fees withheld from their
federal income tax refunds, even if they elected direct deposit, will
get their rebates by paper check instead. The IRS began sending out
paper checks May 16 and is doing so by order of the last two digits of
Social Security numbers.
Another area of confusion has been over whether
college-age children are eligible for the tax rebate. You are not
eligible for a tax rebate if your parents claimed you as dependent, even
if you made at least $3,000 in qualifying income. And your parent would
not be eligible for a $300-per-child tax rebate either, unless you were
under 17 as of Dec. 31, 2007.
If you have any questions and have used me to prepare your return this past
year please feel free to inquire about any additional questions you may have.
Sincerely,
Michelle J. Franz, Owner
Accounting Group LLC
http://acctgrp.com
