Tax & Current Accounting Topics

IRS News Tools to help people get their Economic Impact Payment 

https://www.irs.gov/newsroom/tools-to...

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COVID Tax Tip 2020-48, April 30, 2020  The IRS has two tools to help millions of taxpayers with their Economic Impact Payment. The payments are $1,200 per eligible person and up to $500 for each qualifying child.  The first tool, Non-Filers: Enter Payment Info Here is available – in English and Spanish - for certain taxpayers who don't normally need to file a return. This free tool allows them to enter basic information so the IRS can issue their payment. The second tool, Get My Payment allows people to check the status of their payment and provide bank account information if a payment has not been scheduled for delivery.

IRS News IRS accepting applications for 2021 grants for Low Income Taxpayer Clinics

 https://www.irs.gov/newsroom/irs-acce...

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IR-2020-84, April 30, 2020  WASHINGTON — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic grants for calendar year 2021 will run from April 30, 2020 to June 16, 2020.  The LITC Program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, which is led by National Taxpayer Advocate Erin M. Collins. Under Internal Revenue Code Section 7526, the IRS awards matching grants of up to $100,000 per year to qualifying organizations to develop, expand or maintain an LITC. An LITC must provide services for free or for no more than a nominal fee.

IRS News New Spanish language version unveiled - Economic Impact Payments

  irs.gov/newsroom/use-irs-non-filers-enter-payment-info-here-tool-to-get-economic-impact-payment-many-low-income-homeless-qualify 

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 New Spanish language version unveiled IR-2020-83, April 28, 2020  WASHINGTON – The Internal Revenue Service today reminds low-income Americans to use the free, online tool Non-Filers: Enter Payment Info Here to quickly and easily register to receive their Economic Impact Payment.  The IRS has recently released a new Spanish language version of the tool to help even more Americans get their money quickly and easily.

IRS News Who can get more Economic Impact Payment money for children 

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Millions of Americans have already received their Economic Impact Payments as the IRS continues to automatically send payments to more individuals. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive their payment. The IRS will calculate the amount based on the income, filing status and dependent information on their most recently filed tax return.  While people who receive Supplemental Security Income and Veterans Affairs disability compensation and pension benefits will receive up to $1,200 automatically, some people in this group with children under 17 can receive up to an additional $500 for each qualifying child and need to act by May 5 to get it.

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https://www.irs.gov/newsroom/va-ssi-r... 

Special alert for VA, SSI recipients who don’t file a tax return and have dependents IR-2020-81, April 24, 2020  WASHINGTON — The Internal Revenue Service today issued a special alert for Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.  Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount will be paid in association with a return filing for tax year 2020.

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IRS enhances Get My Payment online application to help taxpayers irs.gov/newsroom/irs-enhances-get-my-payment-online-application-to-help-taxpayers IR-2020-82, April 26, 2020  WASHINGTON – The Internal Revenue Service today announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments.  The enhancements, which started last week and continued through the weekend, adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions of additional taxpayers with new or expanded information and access to adding direct deposit information.

Taxpayers with a filing requirement must file a tax return to get an Economic Impact Payment https://www.irs.gov/newsroom/taxpayer...

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COVID Tax Tip 2020-45, April 23, 2020  While most eligible taxpayers don't need to take any action to receive an Economic Impact Payment, some people will. This includes those who are required to file and haven't filed a tax return for either 2018 or 2019.  Here are some facts for eligible taxpayers who need to – and haven't - filed a tax return for 2018 or 2019.  Eligible taxpayers with a filing requirement who haven't filed a tax return for 2018 or 2019 must file for 2019 to get an Economic Impact Payment.

Treasury, IRS deliver 88 million Economic Impact Payments in first three weeks, release state-by-state Economic Impact Payment figures https://www.irs.gov/newsroom/treasury...

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WASHINGTON — The Treasury Department and the Internal Revenue Service today released state-by-state figures for Economic Impact Payments, with 88 million individuals receiving payments worth nearly $158 billion in the program's first three weeks.  As of April 17, the IRS issued 88.1 million payments to taxpayers across the nation. More payments are continuing to be delivered each week.

Questions about Economic Impact Payments 

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The IRS is issuing Economic Impact Payments. These payments are being issued automatically for most individuals. However, some people who don't usually file a tax return will need to submit basic information to the IRS to receive their payment.  Questions? The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to some of the most common questions.

Most Economic Impact Payments are being sent automatically 

https://www.irs.gov/newsroom/most-eco...

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The IRS is sending Economic Impact Payments to eligible individuals. Many taxpayers may be wondering how to get their payment as soon as possible. Most of them don't have to do anything.  Most payments will be sent automatically. Taxpayers who have filed their 2019 tax return and requested direct deposit of their refund, the IRS will use this information to calculate and send their payment. Those who didn't provide direct deposit information or owed tax, can use the Get My Payment application to provide account information or a payment will be mailed. For those who haven't filed their 2019 return, the IRS will use their 2018 tax return to figure and send the payment.