Below is a list of things which both current taxpayers, and people who ordinarily have no tax liability need to keep in mind:
If you are eligible for a payment, you must file a 2007 tax return to receive the rebate. If you choose to have your tax return directly deposited into your checking or savings account, your rebate will be received in the same manner
The new law allows for certain taxpayers who have little or no tax liability to also receive a rebate. It is important that low-income workers, people receiving Social Security benefits or veterans’ disability compensation also file a 2007 tax return. These individuals will be eligible to receive a payment of $300 ($600 on a joint return) if they had at least $3,000 of qualifying income
The IRS will use information on the 2007 tax return to determine eligibility and calculate the amount of the stimulus payment. A valid social security number is required to process the rebate
The IRS will begin sending taxpayers their payments in early May. Payments will continue throughout the spring and summer. The IRS will provide a payment schedule for taxpayers in the near future
The rebates will not be taxable in 2008 but individuals will need to know the amount of their rebate when filing next year
The IRS will send, via US mail, two notices to taxpayers advising them of their stimulus payments. The IRS never corresponds with taxpayers via email, nor asks for bank account information. Beware of scams which try to collect your personal information and steal your identity. The IRS is cautioning taxpayers to be on the lookout for scams involving proposed advance payment checks. If you receive an email that looks like it’s from the IRS, forward it to phishing@irs.gov or simply delete it

“Our tax team is ready to help individuals - both existing taxpayers, and those who normally aren’t required to file, to file their necessary 2007 returns so that they may soon receive their well-deserved rebates,” said Michael Ryan, president and CEO of Gilman Ciocia, Inc. “Our company’s aim is to inform and assist individuals to take full advantage of this tax rebate and other tax savings opportunities now during tax season and throughout the year.”

About Gilman Ciocia, Inc.

Gilman Ciocia, Inc. is a leading provider of federal, state and local tax preparation services to individuals in New York, New Jersey, Connecticut, Pennsylvania and Florida. Founded in 1982, Gilman Ciocia caters to taxpayers who face an increasingly complicated tax code and must choose from a growing array of investment options. Gilman Ciocia is a member of the National Association of Tax Professionals and is recognized among the Top 40 accounting firms nationwide in 2006 by Accounting Today Magazine