Amador Accounting Addresses Latest Stimulus

BELLEVILLE, Mich. - April 6, 2021 - PRLog -- Belleville-based Amador Accounting has answers for common questions about the recent stimulus package. On March 11, the American Rescue Plan Act of 2021 was signed into law promising some economic relief to millions of Americans affected by the COVID pandemic.

In addition to providing funding for a vaccination program, to help schools reopen, and to aid state and local government workers, among other provisions, the new package provides three ways for Americans to receive direct financial assistance from the government:

• Economic Impact Payments (direct payments)
• Expanded Child Tax Credit
• Federal unemployment checks

Will the Act Affect 2020 Income Tax Filing?
The IRS began accepting 2020 tax returns on February 12 – a month before the Act was signed into law. It will need time to review the Act and develop guidance for taxpayers affected for 2020 filing.

Is COVID Still Affecting the IRS?
Although the IRS is open, some of their services have been slowed down by COVID, including:

• Telephone support
• Processing paper income tax returns
• Responding to mail
• Reviewing tax returns

Taxpayers can check for updates on the IRS website, including the status of stimulus checks or tax refunds.

About Amador Accounting
Amador Accounting specializes in tax preparation. If you have questions about the tax law changes that affect 2020 filing or are concerned about the changes moving forward into 2021, contact Lisa Amador.

Lisa is an Enrolled Agent in Belleville, Michigan, with over 25 years of experience in accounting, bookkeeping, tax preparation, and business consulting. She serves clients all across the Metro Detroit area.

For more information, see http://www.amadoraccounting.com.