On April 25, 2008, President George W. Bush announced that qualifying individuals would receive their economic stimulus payments ahead of schedule. The IRS had previously indicated that direct deposit of the economic stimulus payments would begin on May 9 and paper checks would start to be mailed on May 16. After the president’s announcement, the distribution schedule was moved up one week. Direct deposit began on April 28. Paper checks will start to be mailed on May 9.

Economic stimulus payments are being direct-deposited or mailed based on the last two digits of the recipients’ Social Security number. The first batch of economic stimulus payments was direct-deposited last week and the second batch is being direct-deposited this week.

Payments were direct-deposited no later than May 2 for recipients whose Social Security numbers ended in 00-20, the spokesperson explained. Individuals in the second batch of direct deposit, those with Social Security numbers ending in 21-75, will have their payments transmitted by May 9. The third batch of direct deposit payments, for individuals whose Social Security numbers end in 76-99, is expected to be transmitted by May 16.

Stay tuned to CompleteTax for the latest information and changes regarding federal tax obligations!

Tax Guide 2008

Tax Year and Accounting Methods
Long before your first tax bill arrives, you need to figure out when and how business will be conducted.   To learn more about making these decisions, please read Tax Year and Accounting Methods.

Disposing of Capital Assets
If you have taken tax benefits from a purchase, and then later sell that item, you may be subject to some complicated tax rules.   For more on this topic, please review Disposing of Capital Assets.

Taxation of Social Security Benefits
If you have a certain level of other income, Social Security benefits are considered taxable.   For more on this subject, please review Taxation of Social Security Benefits.

Tax Breaks for Education
The tax code allows you to offset a portion of the cost of higher education.   To see if you are eligible, please read Tax Breaks for Education.

Tax News

Feds to Clarify Special Bonus Depreciation Rules for 2008

As part of the economic stimulus package for 2008, the feds are allowing special deduction rules to encourage capital spending by businesses, especially small business owners. But the complicated rules are confusing some taxpayers.    For further details, please read Feds to Clarify Special Bonus Depreciation Rules for 2008.

Senate Kicks-Off Tax Reform Hearings

As soon as the tax season furor dies down, lawmakers inevitably turn the issue of reforming the tax code.    To find out more, please read Senate Kicks-Off Tax Reform Hearings.

Tax Code Puts Small Businesses at Competitive Disadvantage: House Committee

Changes to the tax code tend to happen one issue at a time. But when you step back and look at the accumulated changes over the years, some taxpayers seem to be getting uneven treatment.    For more information, please read Tax Code Puts Small Businesses at Competitive Disadvantage: House Committee.

Senate Panel Mulls Reform of Estate Tax Rules

When the estate tax was overhauled in 2001, the sunset date for the changes was set at 2011. Congress may not wait that long to re-address the issue.    For further details, please read Senate Panel Mulls Reform of Estate Tax Rules.


Tax News Archive

For more stories and features on federal, state and payroll tax issues and how they may affect you, read the listing of articles in the archive.

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