Congress Passes Stimulus Bill – President will Sign

Hi Folks

We have a law!

Tune in to the discussion with reporter/podcaster Ken Jeffries
in his UP TO THE MINUTE NEWS PODCAST-COVID-19.

Here is a summary from the Tax Foundation – and if you click on links, there are more details
https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/

I will be digging into this more deeply and put together a webinar (or recorded class)
for Lambers by the end of next week.

Most of the stimulus bill (involving taxes) talks about refunds to individuals and families,
with limits on the income levels. If you get too much money, you won’t have to pay it back.
($1200 -S, etc , 2400-MFJ and $500 per child)

You DO have to have filed a tax return, at least in 2018 to qualify.

There is money going into an unemployment fund – even for people who
are self-employed – but have no current income.

There are benefits to employers who are paying wages to people who
are not working. And permission to defer paying the employer’s share
of FICA/MEDI, FUTA, for a few months. Ultimately, it will have to be paid.

Lots more details to come.

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