COVID-19 Pandemic: US Stimulus Payments (UPDATE)
iStock.com/photovs
The IRS released a tool for people to enter their bank information for direct deposit of the stimulus payments
We’ve fielded many emails and calls about the stimulus payments.
This post will attempt to address as many of the questions as we can.
Recap:
The IRS will issue economic stimulus payments based on either 2019 or 2018 tax filing information. If one got a refund for those years, and elected direct deposit, then the IRS will send the funds via direct deposit.
If a person is on Social Security and does not file a return, the funds will be sent through the same manner that the social security benefits are sent.
For non-filers, the IRS has released a tool on their website (link to follow) wherein people can enter their bank info.
However, clients of our firm are not non-filers. We are tax return preparers - if you are a client of our firm, you are a tax filer. At the time of publishing this blog post, the IRS does not yet have a mechanism for you to enter your direct deposit information.
Therefore, if you haven’t had direct deposit in the past, if you owed in 2018 or 2019, or if your bank account changed between now and when your most recent return was filed, then, at the time of publishing this blog post, the IRS will issue a paper check to you.
The IRS has not historically had the ability to change a taxpayer’s bank account, outside of processing a tax return filing. There is no form available because this is something that the IRS has never done before.
On the link below, the IRS website says that they will be launching a tool for filers - our clients, to enter their bank account info if it has changed since their 2018 return. The website states that this tool is expected to be launched in mid-April - which is…now.
We suggest that you check that site daily for when they launch this new tool, a tool which is historic in nature.
I’m putting the link after the explanation to slow you down enough that you don’t inadvertently click on the non-filer side of the page. It’s important that you click on the filer side of the page - when it’s available.
As always, please practice good computer hygiene. Look for the padlock icon in your browser, make sure your computer’s virus and malware software is up to date, and don’t enter this info from a public WiFi network.
Good luck.
Thank you again for this opportunity to serve.
Stay safe and wash your hands.
Sincerely,
Jonathan Rivlin, CPA
President
The Rivlin Group PC
Disclaimer:
The purpose of this article is for informational/educational use only. No client relationship is intended by virtue of your use of this article. This article cannot be relied on for official advice regarding your specific situation, and is meant only to be general in nature. Because the regulatory environment is so dynamic at this time, it is possible that the content in this article will be superseded. This article was drafted on 14th April 2020.