Fast Facts for June 30, 2021
After a vote today – it’s official. The house *will* have a select committee to investigate the attack on the capitol on January 6th.
The final vote — 222 to 190 with 2 republicans voting *yes* to create the committee.
As I told you in this video, the committee has specific tasks it needs to accomplish and answers they need to find and subpoena powers to do it all.
The select committee will be made up of 13 members of the house of representatives. 8 will be appointed by the house speaker and the other 5 will be selected “in consultation” with the house republican leader. The chair will be selected by the house speaker.
There is no specific timeframe for the select committee to reach those answers.
Now we wait to see who is appointed to the committee.
PLUS
You can now update your banking information on the child tax credit update portal.
The IRS updated the portal today.
Unfortunately, any change you make as of today will apply to your august payment and beyond but will *not* apply to your July payment.
Your July 15th payment will be distributed based on the information the IRS currently has on file for you. That means whatever bank info you gave for your 2020 tax return or 2019 tax return. Those who are not enrolled for direct deposit will get a paper check. Paper checks will take longer to get to you than direct deposits.
To confirm your direct deposit information is accurate, log into your account on the child tax credit update portal, there you’ll see the full bank routing number and the last four digits of the account number listed. If it’s correct – do nothing. That’s where you’ll receive the monthly payments. If it’s wrong, you can update the routing number and account number and your future monthly payments will be deposited there starting with the August 13th payment.
Keep in mind, only *one* account number is permitted and the entire payment of either $300 or $250 will be direct deposited into that one account.
If you want to opt out or change your bank information and have those changes apply to the august payment – the deadline is august second. If you want to hear all the other portal deadlines you can watch part seven of my child tax credit q and a series.
The IRS says more features are coming — by early August you’ll be able to change your address. And by “late summer” you’ll be able to make changes to your qualified dependents, change your marital status and income and re-enroll if you accidentally unenrolled.
To find the child tax credit update portal go to irs.gov/childtaxcredit2021
PLUS
Under a ton of pressure — the NCAA a caved. Now — college athletes can profit off their name, image and likeness without jeopardizing their college eligibility.
This is huge news for the more than 460-thousand college athletes across the country.
The NCAA board of directors voted on the resolution today that impacts all three divisions and will take effect tomorrow.
That means athletes can profit off sponsorship deals, online endorsements, personal appearances, signed autographs and can seek out agent representation to facilitate it all.
According to these rules, schools are still prohibited from paying players directly. Schools must make sure payments to athletes are not expressly for their athletic achievements and cannot be used as recruiting incentives.
The NCAA board also said schools are responsible “for determining whether those activities are consistent with state law.” For example, some but not all state laws prohibit athletes from endorsing alcohol, tobacco or gambling products while others prohibit athletes from using their school’s logos or other copyright material in endorsements.
Several states across the country have recently approved laws to govern the parameters of how college athletes can profit off of their name, image and likeness but there is no federal standard. Today’s NCAA ruling is an interim one until lawmakers in Washington DC can adopt new laws to govern these endorsements across state lines.
College sports is *big* business and universities across the country have been making millions and in some cases billions off the backs of these athletes who were not allowed to be paid for their participation under the guise of maintaining their “amateur” status.
That ends as of July 1st.
Read the NCAA policy here.
