We (the tax community) were expecting something last Wednesday. “Something” passed the House Monday and the Senate yesterday and the President was expected to sign. He didn’t. I still expect that individual taxpayers will be receiving a second round of economic impact payments but when and how much remains a mystery. If you want to read an excellent summary of what’s going on and why some of the proposed fixes look good on paper but are maybe not so realistic you can do no better than this article by The Tax Girl.
In the meantime, do the #taxpro community a favor. Don’t call or e-mail your tax professional with questions about the stimulus money. We don’t know. And many of us do mass updates (via e-mail, blog posts, etc.) but we haven’t done one yet because—we don’t know. We’re all trying hard to both prepare for the upcoming filing season and maybe enjoy some holiday time with our families. We’ll let you know as soon as we know. You can count on that!