3 reasons why families may not get a stimulus check
The Trump Administration has approved a $2 trillion dollar stimulus bill that will send money to millions of families to help compensate them during the COVID-19 outbreak. Individuals can receive as much as $1,200 each, and families can receive more than $2,500. But Randy Hughes, founder of Counting Pennies, a Black-owned nationwide accounting and tax firm, says that a lot of African Americans may not be getting a check.
Here are his reasons why:
#1 - No Bank Account: The funds will primarily be direct deposited, but more than 10 million adults in the United States don’t have bank accounts. And yes, many of these are African Americans!
#2 - Did Not File Taxes: The amount of funds that a household can receive depends on the amount of money earned in either 2019 or 2018. That amount will be based on the tax return filed for that respective year. Sadly, more than 15 million people did not file taxes in either year. And again, many of these are African Americans.
#3 - Have Recently Moved: Because millions of people have not filed taxes in the past year or two, it’s very possible that their mailing address with the IRS has changed. This means that those that don’t have a bank account could receive a check, but it may be delivered to the wrong address.
Hughes said he is doing all he can to encourage all individuals and families to take action now so that there are no problems with getting your check when they are sent out. “My firm has legitimate ways to help people save their tax dollars, and legally maximize their income. We offer year-round tax planning, and we are happy to assist anyone during this unique time in history in any way that we can,” he said.
ONLINE: Counting Pennies