Updated 4/10/2020
         

UPDATE: Economic Impact Payments

(stimulus checks)

         

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.

When can I expect my payment? 
      
 

April 9, 2020

An estimated 60 million stimulus checks were sent to some taxpayers on Thursday, April 9. If you filed your income taxes in 2018 or 2019 and provided your direct deposit information to the IRS, your stimulus check could be sent today. Estimated arrival time in your bank account could be on or before April 14, 2020.

 

April 24, 2020

The IRS will begin sending paper stimulus checks. The plan is to send paper stimulus checks to taxpayers with the lowest adjusted gross income first. Therefore, taxpayers who earned less than $10,000 will receive a paper check first.

 

May 1, 2020

This week, the IRS will send paper stimulus checks to taxpayers who earned between $10,001 and $20,000.

 

May 8, 2020

This week, the IRS will send paper stimulus checks to taxpayers who earned between $20,001 and $30,000.

 

May - September 2020

From May through September, the IRS will continue to send paper checks in order from lowest income to highest income based on 2018 or 2019 tax information.

 

September 4, 2020

The IRS will mail any remaining checks, such as to married couples making $198,000 (the maximum joint income that is eligible to receive a stimulus check).

 

September 11, 2020

The IRS will send checks to those who didn’t provide contact information to the IRS.

The House Ways and Means Committee memo says that check distribution could work like this:

         

What if I don't file a tax return?
        
 

The IRS has created the Non-Filers Tool which is designed for people who did not file a tax return for 2018 or 2019 and who don't receive Social Security retirement, disability (SSDI), or survivor benefits or Railroad Retirement benefits.

 

Others who should consider the Non-Filers tool as an option, include:

            

Lower income: Among those who could use Non-Filers tool are those who haven't filed a 2018 or 2019 return because they are under the normal income limits for filing a tax return. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019.

Veterans beneficiaries and Supplemental Security Income (SSI) recipients: The IRS continues to explore ways to see if Economic Impact Payments can be made automatically to SSI recipients and those who receive veterans disability compensation, pension or survivor benefits from the Department of Veterans Affairs and who did not file a tax return for the 2018 or 2019 tax years.

                  

People receiving VA benefits or SSI can either use Non-Filers tool now or wait as the IRS continues to review automatic payment options to simplify delivery for these groups.

Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents: These groups will automatically receive $1,200 Economic Impact Payments. People in this group who have qualifying children under age 17 may use the Non-Filers tool to claim the $500 payment per child.

Students and others: If someone else claimed you on their tax return, you will not be eligible for the Economic Impact Payment or using the Non-Filer tool.     

How do I notify the IRS of an address change?
     
 

If your address has changed, you need to notify the IRS to ensure you receive any tax refunds or IRS correspondence. There are several ways to notify the IRS of an address change:

When Filing Your Tax Return

If you change your address before filing your return, enter your new address on your return when you file. When your return is processed, we'll update our records. Be sure to also notify your return preparer.

Notifying the Post Office

If you change your address after filing your return, you should notify the post office that services your old address. Because not all post offices forward government checks, you should also directly notify the IRS as described below.

By Form

Complete a Form 8822, Change of Address and send to the address shown on the forms. 

In Writing

Write to the IRS and tell them you're changing your address by providing us your:

  • full name

  • old and new addresses

  • social security number, individual taxpayer identification number, or employer identification number, and

  • signature

 

Joint Filers - If you filed a joint return, you should provide the information and signatures for both spouses. Send your written address change information to the IRS addresses listed in the instructions to the tax forms you filed.

               

Separated - If you filed a joint return and you now have separate residences, each joint taxpayer should notify us of your new, separate addresses.

    

It can take four to six weeks for a change of address request to be fully processed.

How do I update my direct deposit information or check the status of my payment?
          
 

The IRS has released the "Get My Payment" application to:

​             ​

  • Check the status of your payment, including the date their payment is scheduled to be deposited into their bank account or mailed. 

              ​

  • Confirm your payment type: direct deposit or check.

  • Enter your direct deposit information so you can receive your stimulus check electronically in your bank account, if you haven’t already provided your bank information on your 2018 or 2019 federal tax return.

Use the Get My Payment Tool

Go To COVID-19 Index

           

CONTACT US

           

Strive Tax & Accounting, LLC reminds readers that the information which is summarized herein is for general and informational purposes only, it is not legal advice. It does not take into account your specific circumstances and should not be acted on without full understanding of your current situation and future goals and objectives by a fully qualified financial advisor. In doing so you risk making commitment to a product and/or strategy that may not be suitable to your needs.

   

While we have tried to ensure the accuracy and completeness of the contents of this website, Strive Tax & Accounting, LLC cannot offer any undertaking or guarantee, either expressly or implicitly, including liability towards third parties, regarding how correct, complete or up to date the contents of this website are. We reserve the right to supplement this website at any time or to change or delete any information contained or views expressed on this website.

Please consult us or your legal professionals regarding any specific matters related to the CARES Act that may affect your firm and its portfolio companies.

       

Strive Tax & Accounting, LLC accepts no liability for any loss or damage howsoever arising out of the use of this website or reliance on the content of the website.

 Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions.

Continually striving for accuracy, excellence and the highest level of integrity.

Strive Tax & Accounting, LLC

CPA's specializing in small business tax and accounting with emphasis in construction and manufacturing for corporation and passthrough entities.

PO Box 28353

Green Bay, WI 54324

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