ALERT: Momentum For Digital Dollars And Tax Expertise

On June 30, 2020 the US Senate Committee On Banking, Housing And Urban Affairs heard the testimony of the Chris Giancarlo. Mr. Giancarlo formerly served as Chairman of the US Commodity Futures Trading Commission and now is Founder of the Digital Dollar Project. He made three important observations ‘”you should read” in his testimony to the US Senate:

1) America’s financial infrastructure has fallen behind times

2) The world is entering an era when things of value, such as money, contracts, stock certificates, land records, cultural assets like art and music, our votes and even our personal identities will be managed and stored in a secure way. While the first wave of the internet is known as the Internet Of Information, the new wave is called the Internet Of Value.

3) The third observation is that, unless we act, this coming wave of the Internet will place an enormous strain on our aged, centralized financial systems. If we do act, however, we can harness this wave of innovation for greater financial inclusion, capital and operational efficiency and economic growth for generations to come.

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California Assembly Bill AB-5 On Worker Status: Employees V Independent Contractors

Millions of taxpayers have not received their 2nd stimulus check who used online services. Their 2nd stimulus check may have been sent to the wrong bank account. The IRS apparently sent payments to more than thirteen million bank accounts that have been closed and are no longer valid.

The bank accounts were set up by tax companies like Turbo Tax, HR Block and Jackson Hewitt as temporary accounts used to deposit tax refunds for taxpayers who opted to have tax preparation fees taken out of their tax refunds. Furthermore, for taxpayers who used online tax services it may be too late to receive their $600 stimulus payment. The banks involved are required to send the payments received back to the IRS. Taxpayers who do not receive their 2nd round stimulus checks by the January 15, 2021 deadline will have to wait to receive their stimulus check as a tax credit when they file their 2020 tax return.

Go to the IRS Get My Payment link to see the status of your corona virus stimulus check.

Go to TaxConnections To Find A Tax Professional