CCPA Whitepaper:

Economic Impact Payments

aka “stimulus checks”, “that $1,200 payment” or “am I eligible for that thing?”

Eligibility

  • Tax year 2018, 2019 or 2020

    • Your most recently filed tax return (either 2019 or 2018) will be the checkpoint for the IRS.
    • If you don’t receive a payment now, you will have another chance to be eligible when you file your 2020 tax return.
  • 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.
    • For filers with income above those amounts, the payment amount is prorated.
    • Individual filers with income exceeding $99,000 and married couples with income exceeding $198,000 with no children are not eligible.

The payment amount is:

  • Up to $1,200 for individuals
  • Up to $2,400 for married couples
  • Parents also receive $500 for each qualifying child
Did I mention that you will receive your payment without taking any action?
  • The payment will be deposited directly into the same bank account reflected on your most recently filed return (2019 or 2018) or mailed to you.
    • Check your most recently filed return to make sure the banking information is still current.
    • The IRS has developed a web-based portal for individuals to check the status of their payment and to update your address or banking information, if necessary. You can do this at Get My Payment on the IRS website. Please note that you will need a copy of your most recently filed return (2019 or 2018) to use this tool. If you need to ask us for a copy, we will know that you don’t follow our instructions to save your return each year! We won’t shame you but we will ask for your patience as you are probably not the only person making this request!
The small print aka the thing that no one is talking about: This payment is not income to you and therefore it is not taxed. It is actually an advance refund for 2020 and will be sorted out on your 2020 tax return in 2021. We are still awaiting clarification on how exactly it will be treated on the 2020 return. It is believed to be an amount that won’t have to be paid back. I am watching for specific guidance to show that process but doubt that we will have an update on this before year end.

Updated 04.15.20

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“A testimonial? five words.... there is no one better.”

“It is hard to believe we have worked with Carter CPA for over 40 years, originally with the founder, Jerald Elkins, and then with Jodi Carter for the past twenty years. We have had a relatively complicated tax situation stemming from one of us being a salaried employee, the other a business owner and our many ventures into real estate investments, both residential and commercial. Additionally, we have been primary residents of four different States over the years. Despite this and the changing tax laws on real estate and other investment strategies, Carter CPA has maintained the necessary expertise and advice that has allowed us to optimize our tax situation. The transition in technology over the years was extremely smooth and the service has remained at the highest levels. Carter CPA is defined by the word "professionalism.”

Joan Childs and Jerry Zaret

“I have been very fortunate to have Carter CPA by my side during the development of my new business. Jodi and her team have guided me through all of the financial and organizational challenges of a start up. Their knowledge and support has been instrumental, and I look forward to growing together. They truly understand my vision, and are proactive in helping me achieve my goals.”

Ian Velardi

“I am a free-lance medical writer and a children's book author -- now on the edge of retirement. For me, tax preparation was complicated and disorganized. For Jodi Carter, not at all. For many years now she has me orderly, and amused rather than confused about my taxes. Jodi has organized my financial transactions and transitions, shaped up the IRS for me, and has always been responsive to my questions and concerns — even if they are silly. Of all the "services" I have that make my life easier, Carter CPA tops the list.”

Jane Sarnoff

“For over 20 years, we have had great confidence in the services we have received from Carter CPA. Most recently, Jodi introduced us to the firm’s Financial Planning Services. She paired us with a Certified Financial Planner that is part of her team and together, they have been instrumental in developing a well balanced financial plan for our retirement. They are quick to respond to all our questions and concerns and most importantly we feel they truly have our best financial interest in mind. They are an impressive team and always a delight to work with.”

Tom and Barbara Dougherty

“A number of years ago, a close friend referred Jodi Carter to me when I need a good tax advisor. I have continued to work with her as I've found both her accounting and her communication skills to be excellent. More recently, when I needed help with financial planning and estate planning, she made recommendations of people and a process that has worked out extremely well. Spearheaded by Jodi, I now have a coordinated team of top professionals working diligently on my behalf.”

Lester Barnett

“Jodi is the consummate professional. In more than 20 years of working with her, I've learned to trust her implicitly, and she functions as the CFO for my two businesses. Her work and advice are invariably terrific, her responsiveness is unmatched, and her up-do-date systems enhance my business efficiency. It's exactly what you want in a CPA.”

Laura Schneider

“As a performer and consultant that I have been a long term “legacy” client working with Carter CPA, LLC for over 20 years. They have prepared my yearly taxes with a high level of expertise, great efficiently, accuracy and speed for so many years my gratitude cannot be overstated.

I would whole heartedly recommend Jodi Carter and the team at Carter CPA LLC to any individual or company for their financial needs."

Hal E. Gross

“Going through a divorce is emotionally and financially exhausting. Jodi and her team were extremely patient and helpful. They advised me about my finances, put together a monthly budget, prepared my taxes, reviewed my interim agreement and tax implications. I am finally on track and able to plan for my future wisely with their guidance.”

Michelle

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