Restaurant Data Breaches: Everything You Will Need To Know To Secure Your Organization
Input EMV chip and pin credit cards, mobile payment systems, and cloud based POS systems for restaurants, all promising merchants more secure ways to accept credit card payments. Add to that impending deadlines for accountability changes that will leave merchants more vulnearble to actual financial consequences for lack-luster security. What does it mean and what are restaurateurs supposed to do with all this information?
See our solutions:
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Combine Upserve and our panel of business experts and get the answers you need around payment systems and information security for your POS. On March 11, 2015, we will hand the floor over to experienced pros like Laura Knapp-Chadwick of the National Restaurant Association, so you can hone in on finding the correct security solution for your company.
You will need to learn the facts, weigh your options, and begin protecting your enterprise, today. And Upserve's making it effortless for you. In this webinar get answers to your own questions, such as:
- What are your choices for increased credit card safety for a restaurant owner?
- What does EMV mean for your own restaurant -- will chip and pin credit card adoption imply a change for your POS system?
- What does the October 2015 change in accountability mean for your company?
The Fastest Way to Get Your Next Stimulus Assess
Now that stimulation payments are issued by the Internal Revenue Service (IRS), discussion turns to the upcoming third round of checks under the American Rescue program. This massive $1.9 trillion rescue package includes direct payments to many Americans expected to start within days of the legislation becoming law--March 11, 2021, when President Joseph Biden signed the bill.1
Questions regarding the amount, who's eligible, and as soon as the stimulation may arrive begin to emerge. The information below can help you know what is on the horizon and what you will probably have to do to get your money.
KEY TAKEAWAYS
- Third-round individual stimulation payments of $1,400 are a part of President Biden's American Rescue Plan signed into law March 11, 2021.
- Dependents will also get $1,400, including those over age 17.
- Payments could start going out in days not the legislation is law.
- Tax period may create problems not experienced with the first two stimulation payments, but there are ways to prevent them--including by submitting your 2020 taxes today.
- If you miss out on getting a stimulation payment, you might need to await a Recovery Rebate Credit on your 2021 taxes (registered in 2022).
If you're a qualified U.S. citizen or resident alien (that isn't eligible to be claimed as a dependent on someone else's tax return), you will probably get a stimulus payment. Additionally, all your qualified dependents, irrespective of age, would be eligible as well.
The American Rescue Plan Act of 2021 defines determined as any dependent for income tax purposes. This is a change from past stimulus payments that stipulated child dependents under 17. The proposed legislation also has mixed-status households where at least one household member has a Social Security number, like the manner such families were included with the next stimulus payment.2
$1,400
The amount income-qualified individual adult citizens and all the dependents will get under the American Rescue Plan Act 2021.
This third party coronavirus stimulus package requires individual payments of $1,400 to every qualified adult ($2,800 per married couple) and $1,400 to each determined.
Single taxpayers will get the full $1,400 payment with 2020 adjusted gross income (AGI) of $75,000 or less. Couples, $2,800 with an AGI of $150,000 or less. When you haven't registered your 2020 taxes from the time checks go out, your stimulation will be dependent on your own 2019 AGI. The amount you get will phase out and disappear at $80,000 for a person and $160,000 in the case of a joint return.3
After passage by both houses of Congress, President Biden signed the legislation into law on March 11, 2021.1 Immediate payments of $1,400 to people are expected to start within days of the legislation becoming law.
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With President Biden having signed the legislation on March 11, 2021, payments could start going out when the week of March 15.
Taking a more conservative approach using the IRS deadline for its next round of stimulation checks as a direct, direct deposit payments could begin as soon as March 22, 2021, for individuals who received their second stimulation check previously.2
Will There Be Income Limits?Yes. Your adjusted gross income (AGI) will be used to ascertain if you qualify and if so, how much you'll get.3
- If your AGI for 2019 or 2020 is $75,000 ($150,000 for joint returns and surviving spouses), you'll find the complete amount. For AGIs above those figures, your payment will be reduced proportionately until it reaches zero at $80,000 and $160,000 respectively.
- For Heads of Household, the figures will be $112,500 and $120,000.
Taxes for 2020 are due April 15, 2021, however, the IRS began accepting tax returns on Feb. 12, 2021. This means your third-round stimulation payment could arrive at the middle of tax season. This alone generates questions such as"Do I want to document my 2020 taxes straight away?" "Will the IRS accept my 2019 income?" And, needless to say,"Does this mean stimulation payments will be postponed"
In light of the winter storms which hit Texas in February, the IRS has changed the deadline for individual and business tax filings, in addition to tax payments, from April 15, 2021, to June 15, 2021, for all those affected by the storms4.
In reply to the first two questions, you do not have to document your 2020 taxes straight away, but depending upon your earnings in 2019 and 2020, you might want to. (See"What should I do today?" below.) The IRS will use the most recent year they have on file once your stimulation is processed. This means if all they have is the 2019 return, that is exactly what they will use; if you earned less in 2020, it might be better for you if that amount were used.
While it's possible your stimulation check or even tax refund check could be delayed this year, according to the IRS, the extra programming and testing that caused the late Feb. 12, 2021, begin date for tax season makes that unlikely.35
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What Can I Do Now?There are numerous things you can do today ahead of a third stimulation payment to make sure things go as smoothly as possible.35
- Make certain that the IRS has direct deposit information for you so you'll be among the first to be given a stimulus payment.
- If you have not registered your 2020 taxes, consider any gap between 2019 and 2020 income. If the IRS uses your 2019 taxes and you also get more than you would have using 2020 taxes, then you probably won't have to pay that money back.
- Conversely, if you get a stimulus based on 2019 and actually qualify for more in 2020, you can claim the difference as a Recovery Rebate Credit if you file your 2021 taxes in 2022.
- For those who have a refund coming in 2020 or possess make-up prior stimulus credits coming, you might choose to file now to find that money.
- To avoid not getting your third stimulation and having to maintain it as a credit in 2022, even if you don't normally have to file income taxes contemplate doing it this year to be certain that you are in the IRS system.
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