Very shortly, American taxpayers will be receiving stimulus checks (or direct deposits) generated from the recent C.A.R.E.S Act that is now law. Amounts to be received generally will be $1,200 for single filers and $ 2,400 for joint filers. There will be an additional $ 500 per dependent added to the base amounts. There are limitations based on the Adjusted Gross Income shown of $75,000 Single or $ 150,000 Married Filing Jointly on the 2019 Tax Return (or 2018 if 2019 not yet filed).

The timing of the payments are not yet known but if IRS has Direct Deposit information they will use that to issue the payments and those amounts will be received quicker than if a check is issued. Please contact us for additional details. We can be reached via our website at www.donohoocpa.com, phone (513-676-6770), or email rcupp@donohoocpa.com or dddonohoo@donohoocpa.com.