3-31-20 Coronavirus Economic Impact Payments - IRS Update
In order to help with the economic impact of the Coronavirus pandemic, the Treasury Department and the Internal Revenue Service recently announced that distributions of economic impact payments will begin in the next three weeks automatically, with no action required for individuals that regularly file a tax return. For those that do not file returns, such as seniors, they will need to submit a simple tax return to receive the stimulus payment.
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. The full payment amounts are $1,200 for individuals and $2,400 for married couples. Parents also receive $500 for each qualifying child. The payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers without children are not eligible for the stimulus payment.
A link to IRS News Release (IR-2020-61) issued on March 30, 2020 is listed below:
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
Please contact your Woods Oviatt attorney or the attorneys listed below for COVID-19 related issues.
For more information regarding Coronovirus (COVID-19) or to access all of our client alerts go to:
https://www.woodsoviattgilman.com/covid19
COVID-19 Multidisciplinary Crisis Group Co-Leaders
Gordon E. Forth, Esq.
Phone: 585-987-2801
Cell: 585-330-2862
Email: Gforth@woodsoviatt.com
Chris R. Rodi, Esq.
Phone: 585-987-2820
Cell: 585- 472-6474
Email: Crodi@woodsoviatt.com
Government Business Regulations
John F. Liebschutz, Esq.
Phone: 585-987-2869
Cell: 585-943-2181
Email: Jliebschutz@woodsoviatt.com
Employment and Labor
Gordon S. Dickens, Esq.
Phone: 585-987-2851
Cell: 585-766-1642
Email: GDickens@woodsoviatt.com
Lorisa D. LaRocca, Esq.
Phone: 585-987-2834
Cell: 585-506-5394
Email: LLarocca@woodsoviatt.com
Insurance
Donald (Dan) O’Brien, Esq.
Phone: 585-987-2810
Cell: 585-734-9647
Email: Dobrien@woodsoviatt.com
Gregory G. Broikos, Esq.
Phone: 585-987-2805
Cell: 585-208-7060
Email: Gbroikos@woodsoviatt.com
Commercial Contracts
Christopher R. Rodi, Esq.
Phone: 585-987-2820
Cell: 585- 472-6474
Email: Crodi@woodsoviatt.com
Katarina B. Polozie, Esq.
Phone: 585-987-2910
Cell: 202-262-4368
Email: kpolozie@woodsoviatt.com
Liquidity - Capital Calls
Christian J. Henrich, Esq.
Phone: 716-248-3211
Cell: 716-213-7005
Email: chenrich@woodsoviatt.com
Liquidity - Credit Facilities
W. Stephen Tierney, Esq.
Phone: 585-987-2839
Cell: 585-329-1020
Email: stierney@woodsoviatt.com
William F. Savino, Esq.
Phone: 716-248-3210
Cell: 716-982-2557
Email: wsavino@woodsoviatt.com
Litigation and Disputes
Warren B. Rosenbaum, Esq.
Phone: 585-987-2813
Cell: 585-613-6848
Email: wrosenbaum@woodsoviatt.com
Brian D. Gwitt, Esq.
Phone: 716-248-3213
Email: Bgwitt@woodsoviatt.com
Brian J. Capitummino, Esq.
Phone: 585-987-2863
Cell: 585-233-1847
Email: bcapitummino@woodsoviatt.com
Real Estate
Kristopher J. Vurraro, Esq.
Phone: 585-987-2838
Cell: 585-415-3147
Email: Kvurraro@woodsoviatt.com
Benjamin M. Keller, Esq.
Phone: 585-987-2804
Cell: 716-238-4878
Email: Bkeller@woodsoviatt.com
Tax
Thomas M. DiPiazza, Jr., Esq.
Phone: 585-987-2861
Cell: 585-615-5690
Email: TDipiazza@woodsoviatt.com
Danielle B. Ridgely, Esq.
Phone: 585-987-2914
Cell: 585-698-8092
Email: Dridgely@woodsoviatt.com
Family Wealth and Estate Planning
Philip L. Burke, Esq.
Phone: 585-987-2850
Cell: 585-748-6198
Email: Pburke@woodsoviatt.com
David P. Shaffer, Esq.
Phone: 585-987-2878
Cell: 585-472-6696
Email: dshaffer@woodsoviatt.com
