What you need to know about the new stimulus proposal
Updated: May 14, 2020
Many people just assume that I must be some sort of mathematical wizard. It kind of just goes with the job. In many ways though that's a misunderstanding of what the tax world is like. My primary focus is on representing taxpayers in front of the IRS or state taxing authority and resolving tax problems. I'm also heavily involved in tax preparation. With both of those areas it is much more about understanding and interpreting the law rather than the underlying math.
I spend much more time than the average person following and tracking proposed legislation. If the only time you read about legislation is when someone shares a story on Facebook, then you may be missing a big piece of the equation. With our perpetual news cycle every outlet is constantly trying to push out as much content as possible as often as possible. The problem with that is they're going to be reporting on things that have no chance of ever becoming law. The majority of things that are proposed never get signed into law. There's a long list of reasons why this happens. When the CARES Act was still being debated the Republican version included a lot of huge giveaways to large corporations. The Democrats responded with a bill that included a lot of extra provisions for mid and low income people. While I would have loved to have $10,000 of student loans forgiven, I knew early on that it was just a fantasy.
The onslaught of articles about things that congress is musing about will never end. You'll see them posted anytime congress talks about something that's going to get some clicks. It's important to take each story with a grain of salt when you see the word "proposed" or any other synonym of it. When you see things saying that it's expected to pass then you can start putting some stock in it. I typically don't even start paying attention to something until at least one house has voted on it.
If you are have any questions about any law that has passed, feel free to comment blow with your question. If you're having any trouble with the IRS or your state taxing authority, contact me today. I work with clients locally in my office in Hartford County, CT, but also virtually with clients throughout the country.
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