Yesterday, the IRS announced that all first and second round Economic Impact Payments (EIP) have been issued. For those who should have been eligible but did not receive payments, you can now take the Recovery Rebate Credit on your 2020 tax return. You can also take the credit on your tax return if you received payments that were too low.
There may still be a few payments in the mail so if you need to check the status of a potential payment, the Get My Payment tool should show how your payment is being delivered. If you need additional details you can create an online account with the IRS or request a tax transcript.
If you are no longer eligible for the credits due to your income increasing you do not need to repay any amounts.
For more information see IRS news release 2021-38.
You can contact your accountant with questions and remember to follow us on LinkedIn to stay up to date on all of our posts.
If you are no longer eligible for the credits due to your income increasing you do not need to repay any amounts.
For more information see IRS news release 2021-38.
You can contact your accountant with questions and remember to follow us on LinkedIn to stay up to date on all of our posts.
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