The IRS has launched new online tools allowing quick registration for Economic Impact Payments for individuals.
The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act provides for payments of up to $1,200 for eligible individuals or $2,400 for married couples, plus $500 for each qualifying child. Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically.
The non-filer tool is intended for people who didn’t file a tax return for 2018 or 2019 and who don’t receive Social Security retirement, survivors or disability benefits.
The IRS also has launched a portal called “Get My Payment,” which provides taxpayers with information on the status of their payments, including the date payments are scheduled to be deposited in their bank accounts or mailed to them. Eligible taxpayers also will be able to provide their bank account information to expedite payment, assuming the payment hasn’t already been scheduled for delivery.
Both tools are available on the IRS website.
If you have questions about these tools, please contact a KraftCPAs representative. We’ll be glad to assist you.