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Stock Market News: Live Updates

Credit…Eric Gay/Associated Press

The Internal Revenue Service says your stimulus payment has been sent, but there’s still a chance you’ll have to ask for the money when you file your taxes.

The I.R.S. said on Tuesday that the payments, including the most recent $600 checks and the earlier $1,200 installments, have been issued. Most eligible people should have received their payments by now, even though an estimated 13 million payments were misdirected last month and had to be rerouted.

If you believe part or all of your payment is missing, however, you’ll still be able to recover it through a credit when filing your 2020 tax return. The so-called Recovery Rebate Credit can be found on line 30 of the 2020 Form 1040 or 1040-SR.

It’s quite possible you’re entitled to a bigger check than you received if your financial situation or status changed last year: The recovery credit is based on an individual’s 2020 tax year information, while the most recent stimulus payment was based on the 2019 tax year. (For the first stimulus check, the I.R.S. said a 2018 return may have been used if the 2019 was not filed or processed.)

The quickest way to recover the credit is by filing a tax return electronically — and if you earn $72,000 or less, you can do it for free through the I.R.S. Free File program.

Starting last April, the I.R.S. and Treasury issued more than 160 million payments to taxpayers, totaling more than $270 billion. In the latest round, beginning roughly in early January, the I.R.S. sent more than 147 million payments, totaling more than $142 billion.

Apple introduced its App Store in 2008, giving developers a way to release native applications to the iPhone but keeping 30 percent of revenue for itself.

A North Dakota bill that an Apple executive had warned “threatens to destroy iPhone as you know it” died in a vote on Tuesday.

Three-quarters of North Dakota’s 48 state senators voted against the bill, which sought to prohibit Apple and Google from forcing North Dakota companies to hand over a share of their app sales.

The bill targeted Apple’s and Google’s practices of charging a commission of up to 30 percent on many app sales. The companies brought in a combined $33 billion from those commissions last year, according to estimates from Sensor Tower, an app data firm.

Companies like Epic Games, Spotify and Match Group, along with some smaller app developers, have protested the commissions as artificially high, arguing that Apple and Google can only charge them because they are a duopoly and that app makers have little choice but to deal with them to reach customers. The two tech giants make the software that underpin nearly all of the world’s smartphones.

The bill attracted intense lobbying on both sides. Apple in particular feared it would set a dangerous precedent for its business, enabling app…

Read More: Stock Market News: Live Updates

2021-02-16 20:19:00

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