These stimulus verify scams are stealing folks’s cash • BGR

There is one very unfortunate and annoying thing that has gone hand in hand with the federal government Distribution of incentive payments in the past few weeks and months. There is an abundance of stimulus-check scams that can seperate unsuspecting victims from their money if they are not careful.

The IRS sent a warning about certain scams to watch out for after this has basically exploded lately. “Although taxpayers received multiple rounds of Economic Impact Payments, we saw an increase in phishing fraud cases this summer,” said Jim Lee, director of the IRS Criminal Investigation. “The number of reported fraud attempts has reached a level we haven’t seen in more than a decade.”

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IRS warning of stimulus check fraud

Criminals are constantly changing their tactics, warns the IRS. Here are just a few of the schemes to watch out for:

  • Text messages stating that a taxpayer is entitled to an incentive payment. And that they have to click a link to complete the information needed to claim it.
  • Phishing emails claiming that the IRS calculated a taxpayer’s “tax activity” which shows they are entitled to a certain amount of economic effect payment.

The IRS says that is one of the best ways to protect yourself from it shameful activity like this understand how the agency communicates with taxpayers. On the one hand, it does not send unsolicited SMS or e-mails. So if you get one of these, that’s a huge red flag.

The IRS also does not threaten people with jail or trial. It also doesn’t require tax payments on gift cards or via cryptocurrency.

Other things to look out for

Other warnings that may indicate fraud: See if you can spot any bugs. Such as grammatical, capitalization and spelling errors in emails and texts, which according to the IRS “serve as indicators of fraud”. Also, don’t click on shortened URLs that can lead to rogue websites.

The IRS says that “Taxpayers who receive unsolicited email or attempts on social media to gather information that appears to be from either the IRS or an organization closely related to the IRS should forward the message to phishing@irs.gov . Taxpayers are encouraged not to engage potential fraudsters online or over the phone. “

Meanwhile, taxpayers who think they are the victim of a stimulus check scam? You can report fraud or theft to the tax administration finance inspector. Reports can be made online at TIPS.TIGTA.GOV. “If you suspect that you may have been a victim of identity theft as a result of fraud, visit them Taxpayers’ Guide to Identity Theft Website to find out what steps to take. “

For more information on COVID-19 fraud and other financial programs, please visit IRS.gov. And for official IRS information on COVID-19 and Economic Impact Payments, visit the Coronavirus tax relief page.

That is probably the most stimulus cash you’ll be able to probably get in 2021 • BGR

Good news: Ten million Americans are getting a pretty sweet bonus year despite the tight economy and the ongoing coronavirus pandemic. It’s just that the bonus isn’t coming from your employer – at least not the bonus we’re referring to. No, that is the sum of all economic stimulus money that the federal government will distribute by the end of this year. Comprehensive things like Stimulus checks, and at least two tax credits (the Income Tax Credit and the Extended Federal Child Tax Credit).

It’s all part of a somewhat frantic effort by government leaders to keep too many Americans from overturning financial advantage. And it doesn’t even take into account everything the government is trying to do about it. Like the new, more targeted eviction moratorium announced the CDC this week. The idea is that too many Americans being evicted from their homes could adversely affect public health and make the pandemic worse.

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The economic stimulus money 2021

As expected, middle-class and lower-income Americans will benefit most from the distribution of stimulus funds this year.

Check out the graphic below, from The Motley Fool finance websiteto get a feel for things in their entirety. As you can see, there is a huge drop in stimulus money for people who are making more than $ 247,400. Most of the money is available to Americans in the lower income brackets. That total is $ 3,590 for people at the lowest point on the income scale.

Stimulus money

Stimulus checks

The federal government’s one economic check this year accounts for the largest part of this economic money. It’s usually for $ 1,400. And while millions of Americans have already received this money, some of those checks are still going through.

On July 21st, announced the IRS that more than 171 million of these payments have been distributed since March 12th. They represent a total value of more than $ 400 billion in stimulus money for Americans.

Tax credits

In terms of tax credits, the big advantage here is the temporarily expanded federal child tax credit. The credit is paid out depending on whether a family has one or more eligible children (and meets the income requirements).

Families will receive half of the full amount as a normal tax credit for the next year. The other half is upfront this year. And not all at once. This half consists of six stimulus checks, which are paid monthly through December 15th. The first check came on July 15th and the next one comes a week from Friday – August 13th to be precise. Read more from the IRS here, as in our previous reporting.

As already mentioned, this information again relates to benefits at the federal level. In addition to all the stimulus money, individual states are also doing their own thing. Millions of Californians, for example, receive a stimulus check for $ 600 next month. The $ 1.9 trillion stimulus bill of March also channeled billions of dollars into states to be used for rental support.

Rental assistance

The National Low Income Housing Coalition maintains a list of a few hundred rental assistance programs across the country that can help bring a portion of the federal grant to people in need. In general, you must be a tenant struggling to pay your rent and / or utility bills due to the pandemic.

See the list at this link above to find a rental assistance program near you. In Illinois, renters and landlords can apply for grants of up to $ 25,000 to cover up to 15 months of rental payments between June last year and this month.

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