Tag: #covidrelief

The New Charitable Deduction for Non-itemizers

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On September 3, 2020

In Federal

Many charitable organizations are now experiencing a decline in giving as the U.S. finds itself grappling with the COVID health crisis.  In response, Congress included a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, intended to provide some relief for charitable organizations. Section 2204 of the CARES Act permits eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions as an “above-the-line” deduction, i.e., as an adjustment in determining adjusted gross income (AGI), for tax years beginning in 2020.

QUALIFYING FOR THE DEDUCTION

For tax years beginning in 2020, eligible individuals may deduct up to $300 in qualified charitable contributions made to qualified charitable organizations.… Read More

What do I do? I shredded my stimulus debit card or it has the wrong name

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On June 1, 2020

In Federal

Don’t throw away that debit card that just arrived in the mail — it could be your coronavirus stimulus payment.

In order to expedite the issuance of stimulus payments, the Treasury Department decided to send out to 4 million people debit cards instead of checks.  The problem is that most people were looking for a check and thought the debit card was junk mail.  The cards arrive in a plain envelope from “Money Network Cardholder Services,” according to the IRS, with the name of the issuing bank, MetaBank, N.A., on the back.  The card doesn’t show it is from the federal government but the envelope does state that it is being sent on behalf of the Treasury Department.

If you do throw the card away, you can get a replacement by calling customer service at 1-800-240-8100, according to EIPCard.com, which provides information on how to use the cards. While the cardholder agreement says it costs $0 to replace the card the first time, there is a $17 charge for priority shipping of the new card.

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Initial $30 Billion of CARES Act relief on its way to healthcare providers

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On April 13, 2020

In Federal

Hospitals and health care providers in America who have been impacted by the new coronavirus outbreak may notice a direct deposit from the Department of Health & Human Services (HHS) in their bank accounts.  The payments are a component of the CAREs Act legislation enacted on March 27, 2020.  The Act provides $100 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response.

The payments that began Friday April 10th are a part of the initial disbursement of $30 billion intended to deliver funds quickly and transparently.  $26 billion was already disbursed to providers by direct deposit. … Read More

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