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When the ,200 stimulus payments came out earlier this year, parents were promised an additional 0 for each child they claimed as a dependent. Many low-income families didn’t receive that money, called Economic Impact Payments, because the stimulus checks were based on tax returns.Now, the IRS is trying to fix that, and is asking parents who did not file a 2018 or 2019 tax return to still go to their website and claim a dependent by September 30. The IRS has set up a non-filers tool to help.The non-filers site is designed for those with incomes below about ,400 for couples and ,200 for individuals, and others who are otherwise not required to file a tax return. Those people typically do not file a tax return, and therefore would not have a record with the IRS of any dependent children."Given the extremely high demand for EIP assistance, we have continued to prioritize and increase resource allocations to eligible individuals, including those who may be waiting on some portion of their payment. To help with this, we are allocating additional IRS resources to ensure eligible recipients receive their full payments during this challenging time,” said IRS Commissioner Chuck Rettig.A news release on the IRS’ website also says they will be helping those who may have had part of their payments deducted because of past-due child support. The agency says people do not need to take any action, they are working to resolve those cases where past-due child support was applied. 1505
WHCA Statement on White House Press Secretary testing positive for Covid-19 pic.twitter.com/viC6ywK7fv— WHCA (@whca) October 5, 2020 140
With increased expenditures and decreased tax revenues, the debt owed by the US federal government is expected to exceed the GDP of the US in 2021, according to a government analysis.On Wednesday, the Congressional Budget Office released the updated figures showing that the federal government’s debt is projected to be 104% of the size of the economy in fiscal year 2021. 2021 is expected to be the first time since 1946 that the amount of debt is larger than the size of the economy.The CBO’s projection shows that the debt is expected to remain larger than the size of the economy through the upcoming decade.For several decades following World War II, the amount of debt the US owed relative to the size of the economy decreased, bottoming out in 1974 at 23%. The US debt began increasing in the 70s and 80s as balanced budgets became more of an exception. The last time the US had a balanced budget was in 2001. While the US debt burden decreased for most of George W. Bush’s presidency, it began to skyrocket amid the last recession.The CBO says that while 2020 saw a slight decline in revenue, the year saw a massive increase in government spending amid the coronavirus pandemic.To see the full analysis, click here. 1231
When legendary singer Aretha Franklin died, she did not have a will or trust. Her four sons have filed a document listing themselves as interested parties, reports say.Franklin died last week from advanced pancreatic cancer. She was 76.In addition to her sons' filing, Franklin's niece has asked the court to appoint her as a personal representative of the estate, the Detroit Free Press reported. It said under Michigan law, if an unmarried person dies without a will, his or her assets are divided equally among any children.Franklin's lawyer has represented her in entertainment matters for nearly three decades, and told the paper that he constantly asked her to do a trust, but she never got around to it."I was after her for a number of years to do a trust," Los Angeles attorney Don Wilson told the paper. "It would have expedited things and kept them out of probate and kept things private."Wilson is Franklin's attorney in copyright matters, song publishing and record deals, and will be consulted on estate planning purposes. He said while he doesn't have a dollar figure on the value of her assets, the lack of a will means the finances will become public in Oakland County Probate Court."I just hope (Franklin's estate) doesn't end up getting so hotly contested," Wilson said. "Any time they don't leave a trust or will, there always ends up being a fight."CNN has reached out to Wilson for more details.Franklin's funeral will be held on August 31 in Detroit, with the service for family and friends planned for 10 a.m. ET the same day.Public viewings will be held August 28 and 29 from 9 a.m. to 9 p.m. at the Charles H. Wright Museum of African American History in Detroit.Franklin will be entombed at Woodlawn Cemetery in Detroit.The-CNN-Wire 1767
WINCHESTER, Calif. (KGTV) -- A brush fire that erupted in Riverside County Thursday afternoon has so far scorched hundreds of acres.The brush fire, which was named the Patterson Fire, is burning north of Temecula in Riverside County. So far, one home was destroyed by the blaze and six others are being evacuated.So far, there are no reports of injuries. The fire has so far scorched 1,200 acres and is 40 percent contained, Cal Fire reports. 471