Tax News

CCH (cch.taxgroup.com) reports:

  The IRS announced that it is not too late to obtain an economic stimulus check, but that analysis of submissions to date have indicated several common questions and errors that delay receipt of the check. The most frequently asked question is related to when will the check be received. The answer to this question, as well as the status of the payment and other payment related issues, can be found on the IRS website, www.irs.gov, by using the "Where's My Economic Stimulus Payment?" tool.

  The most frequent errors are:

  (1) Filing more than one return;

  (2) Failing to properly report qualifying income;

  (3) Failing to review one's tax liability;

  (4) Filing amended returns to increase the economic stimulus amount; and

  (5) Failing to use one's most current address.

  The IRS will be issuing checks thorough December 2008 for returns filed by October 15, 2008. Furthermore, those who failed to file a 2007 return in order to receive a stimulus check can claim the economic stimulus payment on their 2008 income tax return.

IR-2008-103,
2008FED ¶46,564

Other References:

 
Code Sec. 6428

  CCH Reference - 2008FED ¶38,869.021

  CCH Reference - 2008FED ¶38,869.60

  Tax Research Consultant

  CCH Reference - TRC INDIV: 57,900