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Internal Revenue Service

Breaking Down the CARES Act IRS Stimulus Rebate/Refund Checks {Video}

In a new YouTube video, I respond to a lot of myths and misunderstanding people have about the Coronavirus CARES Act IRS Stimulus Rebate/Refund Checks,

To react to the dramatic and devastating economic impact the novel coronavirus COVID-19 is having on the United States economy, the government recently created a new law called the CARES Act which, among other things, provides emergency payments, loans and grants to small businesses and individuals.

According to recent reports, the relief checks will be deposited into people’s bank accounts starting today, April 9th.

However, there is a lot of misinformation about the $2T Economic Bill, called the Cornavirus Aid, Relief and Economic Security Act, especially about the individual rebates that the Internal Revenue Service and the Social Security Administration have been tasked with getting into citizens’ hands.

Common remarks and questions I’ve seen made about the rebate/refund check I’ve seen include:

“Man, the government isnt’ sending us any money! ”

“How can they afford to pay us when we got a $16T deficit?

“I heard it’s an advance on your tax refund for next year!”

“Nothing it Free! Of course, we’re gonna have to pay it back!”

Although the $1200 refund checks are technically an advance on a 2020 tax credit, that money will NOT be deducted from your tax refund next year and in this video I explain why in my recent YouTube explainer video.

But first, I go through some basics of federal US Civics 101 and specifically go over, generally, how the US Gov gets revenue, what it does with that money, and I give a very brief walk through on how tax credits work to help people realize why it will not be deducted from future refunds.

It ends with a discussion about the fact that 17 year olds and young adult and college kids who are still supported by their parents are excluded from funding and what I think we should do to change that.

WATCH:

 

coronavirus refund check 101 pin

How to Protect Yourself From Tax Season Scams

With tax day just two months away, it is cybercriminals’ favorite time of the year.

‘Tis the season for online scams with phishing emails and fraudulent phone calls at the top of the list.  

In 2018, the Internal Revenue Service’s (IRS) noted an astonishing 60 percent increase in bogus email schemes that seek to steal money or tax data. Cybercriminals will try to get you to do something so they can rob your personal information. Beware of unsolicited emails, text messages, social media posts or fake websites that prompt you to click on a link or to share valuable personal and financial information.

Armed with this information, online thieves can swindle funds and/or commit identity theft. Unfamiliar links or attachments can also contain malware ‒viruses, spyware and other unwanted software that is installed on your computer or mobile device without your consent.

Malware is intentionally designed to wreak havoc on and infect your computer files in a variety of ways.  

In addition, unscrupulous callers claiming to be IRS employees ‒ using fake names and phony ID numbers – may ring you and insist that you owe money and that it must be paid as soon as possible through a gift card or wire service. If the call is not picked up, the scammers often leave an emergency callback request message.

In reality, the IRS rarely calls taxpayers and initiates almost all contact via the U.S. Postal Service.  

The IRS includes a “Dirty Dozen” recap of scams on its website, including the top two ploys listed above and others like tax preparer fraud, fake charities and inflated refund claims.

Protect Against Fraudster Tricks with The National Cyber Security Alliance (NCSA) s “Take Action Tips”  

  • When in doubt, throw it out:  Criminals can get access to your personal information by tricking you into downloading attachments or clicking on links in email. If an email seems suspicious, even if you know the source, it’s best to delete.
  • Lock down your login: Thwart thieves by enabling the strongest authentication tools available, often called multi-factor or two-factor authentication. Most major email and online tax preparing services have this tool available.
  • Get savvy about Wi-Fi hotspots: Public wireless networks are not secure. If you are filing your taxes online make sure you are doing it on a secure and personal network.
  • Think before you act: Be leery of communications that implore you to act immediately – especially if you are told you owe money to the IRS and it must be paid promptly.
  • Ask if your tax preparation service has checked for malware issues and if your tax preparer’s business is cybersecure. Businesses of all sizes are susceptible to cyber thieves so it is critical they have a strong cybersecurity posture by following these NCSA-recommended steps.



“With tax filing in full swing, cyber crooks are doing everything they can to take full advantage of the opportunity,” said Kelvin Coleman, NCSA’s executive director. “Tax time is a haven for hackers, who are masters of manipulation.

With the tremendous inventory of personal and financial shared online, it’s essential to remember that Personal Information Is Like Money. Value It. Protect It.

 Following good cybersecurity practices during tax season and throughout the year allows everyone to reap the benefits of connectivity with increased confidence.” 

The IRS exempted Pregnant women from “Obamacare” tax penalty

Depending on when you get pregnant, if you don’t already

have health insurance, you

may qualify for an expansion of the Medicaid program
in your state.
It is part of the 2010 Affordable Healthcare Law, sometimes

called “Obamacare”  because it was pushed by President Barack Obama and is part of his bellwether accomplishment for his first term in office, and is having widespread implications into his second term.
The elements of the contentious law gradually go into effect over the years.  Despite efforts to repeal or defund it because of claims it would cost jobs and some to lose their existing coverage, the US Supreme Court

has declared it constitutional, the president signed it into law and Congress

voted it into law  four years ago.
You can fight it or if you’re in need, figure out how it can

help you especially if you find yourself knocked up without adequate healthcare.
Last December, the Internal Revenue Service exempted pregnant women,

among other categories of people, from the penalty all Americans who do

not get insurance by April 1 must pay.
But the law also adds a special coverage just for pregnant women,

depending on the timing of the pregnancy. If you qualify, meet certain income

minimums, your care would be covered for FREE.
If you are not eligible for Medicaid, you

may qualify
for a subsidized low-cost health care form a “Qualified

Healthcare Provider
”.
  • Under AHA, all QHP must provide, with No Co-Pay:
  • ·        

    Maternity care
  • ·        

    Labor and delivery
  • ·        

    Prenatal care, and
  • ·        

    all diagnostic screenings.

States still have flexibility to determine what services are

covered so you should examine and compare plans carefully. 

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