Mertzcrew recommends all AV companies share this with all AV Technicians that have worked on projects for them in the past 12 months. This is not spam, a solicitation, or anything we're doing for personal gain. We just want to help as many AV Technicians as possible.
NOTE: This information is specifically regarding the Economic Relief Payments for ALL taxpayers regardless of W2 or 1099. We have a separate article specifically for 1099 Freelancers here.
These are uncertain times for the AV Industry and we want to share a significant update concerning the Coronavirus Aid, Relief and Economic Security Act, or CARES Act. This law includes a provision for eligible taxpayers who filed a tax return for either 2019 or 2018. Depending on the Adjusted Gross Income declared on the return, taxpayers could receive a payment of up to $1,200 for individuals or $2,400 for married couples. Parents could also receive $500 for each qualifying child.
If you qualify AND filed a 2019 or 2018 tax return, your payment will be sent in two different ways: (1) Deposited directly into the same bank account used for tax filing purposes. If you have not yet filed your 2019 tax return, the account used for your 2018 tax filing will be used. (2) If a taxpayer received their 2019 or 2018 tax refund via check in the mail, the IRS will mail the stimulus check to the physical address on file.
Note that payments are being distributed by the IRS in waves, so if someone you know has received theirs but you haven't yet, it is not a cause for concern.
For more information on these payments, including details on how to calculate the amount of your potential payment, please visit the IRS Coronavirus page.