In addition to November 10th being National Accountants Day and National Cupcakes Day, the IRS has also decided to add National EIP (Economic Impact Payment) Day to this list.
Anyone who does not normally file a tax return and has not yet received an EIP has until November 21, 2020 to apply for the payment. Those eligible to file may include students who are no longer claimed as dependents by their parents with no income or low income below filing thresholds. This could also include people who are experiencing homelessness. Additionally, this could include an unmarried homemaker whose partner is the provider of household income, but is not claimed as a dependent on their partner’s return. The IRS estimated in September that there are 29,680 New Hampshire residents who are non-filers and would need to register to receive their payment.
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.
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.
