Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.

The vast majority of Americans who qualify for the payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. The IRS will use information on the tax return to determine eligibility and calculate the amount of the stimulus payments.

For more information on the stimulus payments, including the amounts and eligibility requirements:

• View IR-2008-18, IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate.
• View FS-2008-15, Facts about the 2008 Stimulus Payments.
• Listen to the Feb. 13 media briefing on the economic stimulus checks.
• Listen to IRS acting Commissioner Linda Stiff summarzing the key points of the economic stimulus payments in English or in Spanish.

Feb 15

Secure a new Form W-4 from employees claiming “exempt” during prior year.  Begin withholding income tax from employees who claimed exemption from withholding in prior year but did not submit a new Form W-4 by this date.

Feb 28

File information returns (Forms 1098, 1099 and W-2G) for certain payments made during prior calendar year. 

Feb 29

File Form W-3, “Transmittal of Wage and Tax Statements,” along with Copy A of all Forms W-2 you issued for prior year.

As a CPA in business for over 15 years, we are also QuickBooks Pro Advisors and provide a wide range of accounting, bookkeeping, incorporations, payroll processing, and tax preparation services to small service businesses and professionals. 

No client is too big or too small so everyone receives a personal attention from us as we focus more on your needs! Most of our work can be accomplished by using the phone, fax, email or postal services so it doesn’t matter a whole lot as to where you live or where your office is at. 

You may send us your information and we may still be able to do your work without anybody having to travel at all!  Most of our clients are in the Los Angeles and Orange County areas but we can still serve you if you are outside the immediate vicinity.
 

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