Tools from the IRS to access stimulus funds
New IRS Get My Payment tool allows taxpayers to provide direct deposit information and gives payment date
The IRS has launched a new Get My Payment tool with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. Get My Payment will show the projected date when a deposit has been scheduled, similar to the “Where’s My Refund tool” many taxpayers are already familiar with.
Get My Payment also allows people a chance to provide their bank information. People who did not use direct deposit on their last tax return will be able to input information to receive the payment by direct deposit into their bank account, expediting receipt.
For more information, see the Get My Payment IRS news release.
IRS launches tool to help non-filers register for Economic Impact Payments
Last week the Treasury Department and the IRS launched a web tool allowing registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool was designed for people who don't have a return filing obligation, including those whose income falls beneath the filing threshold.
The feature is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool.
Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go in the near future to those receiving Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries.
General IRS information about the Economic Impact Payments is available at IRS.gov/EIP.
Two new employer tax credits offer for relief and support for businessesMany businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits:1. Credit for Sick and Family Leave2. Employee Retention CreditLearn about these new employer tax credits at IRS.gov/coronavirus and share the information with employees, clients, and associates.