Stimulus Plan Update

STIMULUS PLAN UPDATE
The IRS issued guidance Friday, February 15, 2008, on how to paper-file returns so recipients of Social Security, certain veterans’ benefits, and low-income workers who normally are not required to file a tax return can receive the rebate check.

DIRECT DEPOSIT FACTS
If you receive your 2007 return via direct deposit then you should receive the rebate check as a direct deposit. If a tax return is filed with a bank product ( Refund Anticipation Loan), the taxpayer will receive the stimulus payment via paper check in the mail.
For those filing balance due returns with the amount due taken from the taxpayers’ bank account, the IRS will not use this direct debit information for the purpose of depositing any rebates due that taxpayer. Instead, the IRS will issue the taxpayer a check.

ELECTRONIC FILING
The IRS is updating its systems to accept these returns electronically.

All returns need to be transmitted before April 15th to qualify for the Stimulus Plan Refund.
If you plan to get an extension for time to file your return you should contact us regarding your options. Getting an extension will not qualify you for the Stimulus Plan Refund Check.
Call our office if you would like more information.