COVID-19 Update

IRS-Economic Impact Payments

On April 26^th 2020, The Internal Revenue Service 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 additional changes will help millions of additional taxpayers with new or expanded information and access to adding direct deposit information.

How to use Get My Payment

Available only on IRS.gov, the online application is safe and secure to use. Taxpayers only need a few pieces of information to quickly obtain the status of their payment and, where needed, provide their bank account information. Having a copy of their most recent tax return can help speed the process.

• For taxpayers to track the status of their payment, this feature will show taxpayers the scheduled delivery date by direct deposit or mail and the last four digits of the bank account being used if the IRS has direct deposit information. They will need to enter basic information including:
  • Social Security number
  • Date of birth, and
  • Mailing address used on their tax return.
• Taxpayers needing to add their bank account information to speed receipt of their payment will also need to provide the following additional information:
  • Their Adjusted Gross Income from their most recent tax return submitted, either 2019 or 2018
  • The refund or amount owed from their latest filed tax return
  • Bank account type, account and routing numbers

Get My Payment cannot update bank account information after an Economic Impact Payment has been scheduled for delivery. To help protect against potential fraud, the tool also does not allow people to change bank account information already on file with the IRS.

Learn More:   https://www.irs.gov/newsroom/irs-enhances-get-my-payment-online-application-to-help-taxpayers

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What it means for you?

2020 Tax Deadline Extension applies to all filers, including individual returns, trusts, self-employed, freelancers, businesses, and corporations. This extension is automatic, meaning taxpayers do not need to file any additional forms to take advantage of it.

This tax deadline extension also includes estimated tax payments for the tax year 2020 that are due on April 15, 2020. Note: Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.

Individual taxpayers, self-employed, businesses or corporations who need additional time to file beyond the July 15 deadline can request a filing extension through their tax professional, tax software or using the link on IRS.gov. Businesses who need additional time must file additional form.

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