Deadline to unenroll for August Child Tax Credit payment is Monday night
Parents eligible for the next round of Child Tax Credit payments have one last chance to unenroll for the August payment if they would rather apply the money to their tax returns next year. The deadline to unenroll for each monthly payment is set as three days before the first Thursday of the next month by 11:59 p.m. Eastern Time. Related story: Child Tax Credit portal allows you to update direct deposit info; here’s how you can make changesIf you were to unenroll ahead of the August payment, you cannot reenroll for the September payment. The advanced payments are part of the expanded Child Tax Credit, which was approved in March. READ MORE:$2,000 monthly stimulus petition adds more signatures, now tops 2.7MChild Tax Credit payment schedule released as IRS sends letters to 36 million familiesFourth stimulus possible?mlive.com
AOC wants Robinhood to give customers the profits from payment for order flow. Here's what she's talking about
What is payment for order flow? The payment for order flow process matters because it's how Robinhood makes the majority of its revenue, according to Tenev's testimony on Thursday. It's not just Robinhood; many major brokerages, including Charles Schwab, E-Trade and TD Ameritrade, all generate significant revenue from payment for order flow. Payment for order flow has its criticsWhile the payment for order flow process has its upsides, critics say it may not be in the best interest of customers. "Would you be willing today to pass on the proceeds of your payment for order flows to Robinhood customers?"cnbc.com
IRS investigating hundreds of COVID-19 scams, warns Illinois taxpayers
“This payment is meant to help those that are struggling to get by as a result of the economic downturn caused by the pandemic,” said Cantu. “Be wary of any phone calls, emails, or text messages asking for your personal information or offering a deal that seems too good to be true.”chicagotribune.com
IRS launches ‘Get My Payment’ website to help with stimulus payments
The IRS has launched a “Get My Payment” website to help people track the status of their coronavirus stimulus payment. The “Get My Payment” website is aimed at helping you:Check your payment statusConfirm your payment type: direct deposit or checkEnter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yetIf you need to let the IRS know about your new address, go here. The IRS is expected to make about 60 million payments to Americans through direct deposit for people who used direct deposit on their 2018 or 2019 tax returns. This will include Social Security beneficiaries who filed federal tax returns that included direct deposit information. These payments will be made to Social Security beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit.
Mitt Romney: 'Send $1,000 checks to each American adult’ amid coronavirus
WASHINGTON – Sen. Mitt Romney, R-Utah, said Monday that he will propose a provision that would give every U.S. adult a $1,000 check in any additional coronavirus relief measure that Congress considers, NBC News reports. "Every American adult should immediately receive $1,000 to help ensure families and workers can meet their short-term obligations and increase spending in the economy," his office said in a press release. "Congress took similar action during the 2001 and 2008 recessions. While expansions of paid leave, unemployment insurance, and SNAP benefits are crucial, the check will help fill the gaps for Americans that may not quickly navigate different government options." Former Democratic Presidential candidate Andrew Yang made his idea for $1,000 per month the main platform for his campaign, pushing for Universal Basic Income.