If you know someone who may still benefit from an Economic Impact Payment, urge them to register as a non-filer using the IRS’s dedicated tool.
If you or someone you know should have received a payment but is late filing their tax returns, they may receive a payment one of two ways. The first is to file a 2019 tax return during 2020, preferably with direct deposit information included to speed up the timing of they will receive their payment. The second method is to file a 2020 return in 2021 when they will be able to claim a recovery rebate credit instead.
Still have questions? Contact your accountant and remember to follow us on LinkedIn to stay up to date on all of our posts.