CARES Act Update

Economic Impact Payment Information

** PLEASE NOTE: INFORMATION IS UPDATED FREQUENTLY AND SUBJECT TO CHANGE**
Last updated: Apr. 23 2020 9:12 am

On Friday, March 27, 2020 the President signed the CARES Act providing Economic Impact Payments (stimulus payments) to individuals, businesses, the health care industry, and state & local governments.

This page will be updated as more information is available. Visit the IRS Coronavirus Tax Relief page or the IRS Economic Impact Payment Information page for the latest information.The IRS is updating the FAQs on these pages regularly.

Answers to Common Questions

The IRS will issue direct deposits to taxpayers that requested a direct deposit disbursement or applied for a new debit card when they prepared their own return online. An IRS-issued check will be mailed to taxpayers that requested a check printed from their tax professional's office, Walmart Direct2Cash or a Walmart MoneyCard issued by their tax professional.

If a payment is returned to the IRS (Ex. bank account is closed), the IRS will mail a check to the taxpayer.
In the rare event that payments are inadvertently sent to TPG, a plan is in place to help identify and expedite the return of these payments immediately to the IRS so that the IRS can reissue payments directly to affected taxpayers as soon as possible.

Visit the IRS Get My Payment FAQs page (shown below) for more details.

IRS FAQ

If we are unable to identify the payment as an Economic Impact Payment, the deposit will be processed as a federal refund, with all associated fees withheld from the deposit amount.

We understand that taxpayers need their refund or EIP more than ever, so we are committed to getting money to taxpayers as quickly and easily as possible.

There is nothing to do if you filed a tax return for 2018 or 2019 or for Social Security and Railroad Retirement recipients who are not typically required to file a tax return. If you have not filed your 2018 or 2019 return the IRS recommends that you file back taxes for 2018. If you are someone that doesn't normally need to file visit the IRS Non-Filers Payment Info page.

Social Security beneficiaries who are not typically required to file tax returns do not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.

Visit the IRS Economic Impact Payment Information Center for more details about stimulus payment eligibility, amounts and more.

Visit the IRS Get My Payment page for more information about the status of payments and the date a payment is scheduled to be direct deposited or mailed as a check.

The IRS has begun issuing payments to taxpayers with direct deposits, and the lowest income (AGI) taxpayers first. The IRS has indicated most payments were issued by April 15. They will issue payments weekly until payments are complete. Visit the IRS Get My Payment page for more information.

Taxpayers who filed in 2018 or 2019 will receive payments automatically from the IRS. The IRS indicated payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits. On April 20th the IRS encouraged this group of taxpayers with eligible dependents to act by Wednesday in order to receive $500 per eligible child. Visit the IRS website for details.

 

Be on the alert for Economic Impact Payment scams

Scammers and identity thieves are already taking the opportunity to prey upon taxpayers with phone calls, text messages and emails. Here are some answers to common questions related to fraud. Victims or targets of Economic Impact Payment scams should report it immediately to the Federal Trade Commission at www.ftc.gov/complaint.

April 2, 2020 IRS news release about Coronavirus-related scams

No, the IRS and other government agencies will never call asking for your Social Security Number (SSN) or banking information. Do not provide your SSN or bank account information to anyone calling you and claiming to be from the IRS or another government agency.

No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. Do not click on a link or email if you do not recognize who it is from. The IRS will never text or email you asking to provide your bank account information or verify your bank account information.

No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. Taxpayers that filed their 2019 tax return are not required to sign up or pay a fee in order to receive an Economic Impact Payment. Please visit the IRS website for more details.

Taxpayers are not required to complete a form. The IRS and Treasury Department provided a new web tool for people that don't normally file a tax return. These non-filers can use this IRS tool to register for Economic Impact Payments.

This new tool is designed for people who did not file a tax return for 2018 or 2019 and who don't receive Social Security retirement or disability benefits or Railroad Retirement benefits. It is also for those with lower income, veterans beneficiaries, SSI recipients, students, etc. Visit the IRS website for more details.

The IRS is required to mail a written notice to taxpayers no later than 15 days after distributing an Economic Impact Payment.  This notice to the taxpayer will indicate the payment amount, whether the payment was mailed or direct deposited, and a phone number to call if the taxpayer did not receive the payment. The payment should be received  before any communication from the IRS is received by mail.

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