February 20, 2008
Contact: Chuck McCabe (804) 204-1040 / (800) 984-1040 cmccabe@peoplestax.com
Richmond, VA –The Internal Revenue Service (IRS) recently announced that in most cases taxpayers will not have to do anything extra to receive a Tax Stimulus Rebate – just file a return as usual, and the Tax Stimulus Rebate will be mailed to them as a check or direct deposited to the same account they designated for their tax refund direct deposit. Individuals who are not normally required to file a return because they do not meet the filing requirement and have no tax liability, must file a 2007 return in order to receive a Tax Stimulus Rebate Check. Provisions of the economic stimulus package allow people with no tax liability, such as retirees, students and low income workers who did not have enough taxable income to be required to file a return, to receive a rebate of $300 ($600 for a joint return) provided they had a least $3,000 of qualifying income, which may include wages, Social Security benefits and other taxable income.
Peoples Income Tax will prepare tax returns for those who are not required to file but are eligible for Tax Stimulus Rebate. Checks for a fee of just $25, which is less than one–fourth of Peoples’ standard fee to prepare the required tax return.
Taxpayers, spouses and children all must have valid Social Security Numbers to qualify for the Tax Stimulus payment. Individual Taxpayer Identification Numbers (or any number) issued by the IRS are ineligible. Also ineligible, are individuals who can be claimed as dependents on someone else’s return, or taxpayers who file Form 1040-NR, 1040-PR or 1040-SS.
The IRS will begin distribution of the Tax Stimulus Rebate Checks (or direct deposits) in late May and will continue sending payments until December 31, 2008, for taxpayers who file later in the year. Taxpayers can expect to receive two informational notices in the mail from the IRS advising them of the stimulus payments.
Questions about tax filing requirements and Peoples’ special $25 tax preparation offer may be addressed to Peoples’ Director of Operations, Sheila Clark, who can be reached at (804) 204-1040 or sclark@peoplestax.com. Or, for more information about the Tax Stimulus Rebate Check distribution process, log onto: www.irs.gov/newsroom/article/0,,id=179094,00.html.
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