IRS TREAS 310. Why did I get money from the IRS today? What to know about the second tax refunds going out
irs treas 310 tax ref Did you wake up this morning to find an unexpected direct deposit in your bank account? You’re not alone. The Internal Revenue Service (IRS) has begun to distribute supplemental refund checks to taxpayers who paid too much in unemployment compensation tax last year, and judging from responses on social media, many recipients didn’t know it was coming. Let us explain:
WHAT ARE THESE REFUND CHECKS FOR?
The American Rescue Plan Act authorized changes to the law that excluded up to $10,200 in unemployment compensation for 2020. The law didn’t take effect until March 11, so some Americans who filed taxes early have now overpaid. For the most part, the IRS has said it will automatically correct those tax returns and issue refunds accordingly.
HOW MANY PEOPLE ARE GETTING THESE REFUNDS?
Unclear. In May, the IRS said it identified more than 10 million returns that might need to be corrected, but not all corrections will lead to a refund. If you owe money, for instance, the changes could just mean a reduced balance.
A spokesperson for the IRS told Fast Company Friday that a news update is in the works, which should provide more information about how many checks have been delivered so far. The update is waiting for approval from the U.S. Treasury, but the timing of its release is unclear.
(Update: The news release is out. In it, the IRS says it has now identified 13 million taxpayers who may be eligible for a correction and that it is sending out 2.8 million refunds this week alone.)
HOW WILL I RECOGNIZE THE REFUND? WHICH PAYMENT METHOD WILL BE USED?
Again, not a lot of detail here. It’s very likely that you’ll receive the refund via the same method that you’ve received previous refunds from the IRS. If it comes via direct deposit, you may see the code “IRS TREAS 310 TAX REF,” which is typical for tax refunds, according to guidance from the Treasury. A number of users on social media reported seeing that code this week. We’ve asked the IRS to confirm if that’s the code being used for these refunds.
WHY AREN’T THE IRS FOLKS TELLING US WHO GETS REFUNDS?
They technically are. According to the IRS, taxpayers whose returns are corrected will receive a notice. However, the notice is coming separately and could take up to 30 days. That said, the agency’s messaging hasn’t been stellar here. It initially said the payments would start going out in May, but didn’t provide an exact date, and so many taxpayers who were anticipating a refund waited weeks for updated information.
How IonQ is planning to bring a quantum computer to the masses
quantum ionq 2bsullivan fastcompany Today, Maryland-based quantum computing company IonQ is going public via a SPAC in a deal that’s expected to raise $650 million. Its $2 billion valuation and big-name investors indicate that quantum computing may be helpful to businesses sooner than expected.
The company’s main product is a 22-qubit quantum computer, to which it sells access through the Amazon AWS, Microsoft Azure, and Google Cloud. Qubits are the far more versatile analogs of the binary bits used in classical computers.
IonQ says its hardware is based on 25 years of research by Chris Monroe and Jungsang Kim, professors at Maryland and Duke universities, respectively. The two licensed their research from the universities and founded a company based on it in 2015, with the stated goal of bringing quantum computing out of the lab and into businesses.
IonQ Founders Jungsang Kim (left) and Chris Monroe. [Photo: IonQ]
Many in the tech industry hope that quantum computers will deliver the next big leaps forward in compute power now that prying incremental gains from traditional silicon chips has grown progressively harder. While chip makers try to squeeze more transistors onto silicon for ever-smaller capacity increases, quantum proponents say adding a single qubit to a quantum machine can double its power.
But quantum computing remains a nascent technology; most experts don’t expect it to outperform today’s supercomputers for at least another five years. So it’s natural to wonder how IonQ is making money now, and why new investors should have confidence that the company’s earnings will keep growing after Friday’s IPO.
IonQ CEO Peter Chapman tells me that anybody can access IonQ’s 22-qubit quantum computers today. “You can use those devices, they’re relatively cheap, for two bucks you can run your quantum version of Hello World,” he says, referencing a short program developers use to test out new programming languages. IonQ doesn’t disclose its revenues, but has said publicly that it’s “eight figures,” with a run rate in the tens of millions per year.
The 15 best tech podcasts you need to listen to right now
best tech podcasts Do you ever feel like technology is moving so quickly in so many different directions that there’s no way one human brain can keep up?
That’s what podcasts are for.
Whether you work in tech, run a startup, or just love learning about new technology and gadgets, podcasts can be a great way to keep up with major trends in the tech space. We’ve compiled 15 of our favorite podcasts that are not only entertaining but also can help expand your knowledge of a sometimes complicated industry. Some of these podcasts cover the general industry news of the day while others immerse you in specialty areas like crypto or electric vehicles. Some are short and hit just the highlights while others run longer and dive deep. But all of these great podcasts give you a chance to absorb useful knowledge in a relatively short period of time—even while your hands are busy doing something else.
BEST TECH NEWS PODCASTS
TECHMEME RIDE HOME
Techmeme has for years carefully aggregated and curated some of the best (and fastest) coverage of the most important news in the tech industry every day. Techmeme Ride Home gives you much of the news on the website, but in audio form, making it even easier to digest, especially if you’re multitasking. The podcast is hosted by Brian McCullough, who enthusiastically provides the key facts from the tech stories du jour, with a dash of commentary. The podcasts go up at 5 p.m. daily and are usually pretty brief, at about 15 minutes long.
THE HUSTLE DAILY SHOW
This podcast is another short, daily affair (many episodes are less than 10 minutes) that gives you a solid executive summary of what’s going on in tech news, plus a little bit of smart, and often funny, commentary. The Hustle Daily Show is hosted by The Hustle newsletter writers Zachary Crockett, Juliet Bennett Rylah, Jacob Cohen, and Rob Litterst.
BEST GADGET PODCAST
Software may have eaten the world, but hardware and gadgets are still hugely important, and that’s the niche the Waveform podcast fills. It stars Marques Brownlee, who became well known among tech influencers for his reviews on YouTube of everything from smartphones to electric cars. Every week, Brownlee and cohost Andrew Manganelli look at all kinds of new gadgets, including gaming gear and virtual reality headsets, electric vehicles, folding phones, and pretty much anything consumer tech companies are putting out. These guys look at products with a critical eye, but they clearly love gadgets, which is part of what makes the YouTube cast fun to watch.
BEST PODCASTS ABOUT APPLE
MAC POWER USERS
Many of us love our Macs but also suspect we could get more productivity out of them if we just had a little expert advice. That, in broad terms, is what the weekly Mac Power Users podcast is all about. Guided by hosts David Sparks and Stephen Hackett, and featuring insightful guests from a wide variety of professions and backgrounds, the show teaches listeners new workflows for their Macs, as well as news and commentary on Apple’s newest hardware, apps, and operating systems. The show has been going since 2009, and just published its 649th episode. The episodes are pretty long, but they’re rich with tips, and Sparks and Hackett create a low-key vibe that’s pleasant to listen to.
Connected is a deep dive into Apple World, with weekly commentary on the company’s latest devices, apps, features, operating systems, and services—and how it all works together in the ecosystem. The podcast features MacStories editor-in-chief Federico Viticci and Relay FM cofounders Myke Hurley and Stephen Hackett (also of Mac Power Users); and the three have a comfortable and polished repartee together, complete with long-running jokes and references. All three are long-time Apple watchers/influencers and speculate intelligently on what Apple may come out with next.
IRS stimulus checks update: When will mailed paper checks or EIP cards arrive?
stimulus mailed march 26 If you’ve been waiting for your third Economic Impact Payment to arrive via the U.S. Postal Service, there’s a chance it could already be in the mail.
The Internal Revenue Service said last week it would deliver the second large batch of stimulus checks—about 37 million of them. Although many were delivered via direct deposit, the batch also included about 15 million paper checks and 5 million debit cards.
It appears as though some mailed payments went out on Friday, March 26. That’s according to a number of social media users who were able to obtain an update from the IRS using the Get My Payment tool. If you have access to that tool—and you’re expecting a check by mail—it’s worth checking it for an update. If you’re among the 20 million people whose mailed payment is part of the second batch, there’s a chance it will show up this week, but the IRS says it will take a few weeks to deliver all of them.
Here are a few other things to know:
Nonfilers are still waiting: In its recent update, the IRS said the payments that went out with the latest batch included people who filed a tax return in 2019 or 2020. It also included people who didn’t file a return but were able to register with the IRS’s “nonfilers” tool. Nonfilers who didn’t use that tool are going to have to wait longer. Sadly, this includes many recipients of federal benefits such as Social Security. (We’ve reached out to the IRS for an update on when payments for these individuals will be sent out.)
It could be a paper check or a card: If you’re expecting a mailed payment, the IRS isn’t really saying whether you’ll receive it by paper or a debit card (EIP Card). Importantly, if you received a previous stimulus check by debit card, the IRS will not simply replenish it with $1,400. You’ll either get a new card or you’ll get a payer check. (Needless to say, don’t throw away any envelopes from the IRS.)
Lost payments are traceable: If you received a paper check or debit card but lost it, all hope is not lost. For paper checks, you can request a payment trace from the IRS. For debit cards, you can request a replacement from MetaBank, the issuing bank.
The American Rescue Plan Act, signed into law on March 11, authorized checks of up to $1,400 for individuals and $2,800 for couples. As of last week, the IRS said it has issued 127 million payments totaling $325 billion. Unfortunately, it hasn’t provided a timeline for when subsequent batches of payments will be sent out. We’ll keep you posted with updates.
News3 weeks ago
Due to a class action lawsuit, Plaid might owe you settlement money if you use any of these banking or financial apps
Finance2 months ago
How does the electronic signature help optimize business finances?
Sports2 months ago
Play and work: An introduction to sport and organization
Sports2 months ago
Badminton Rules & Equipment
Health2 months ago
How does working at night affect health?
Finance2 months ago
Control the finances of your SME
Finance2 months ago
The 10 commandments of a successful SME
Sports2 months ago
The role of sport in achieving the Sustainable Development Goals