The Internal Revenue Service is giving taxpayers more time until Nov. 21 to register their dependents for the $500 per child Economic Impact Payments provided under the CARES Act.
The IRS said Monday that it’s extending the time to give people who were unable to provide their information earlier. Under the CARES Act that was passed by Congress in March in response to the economic fallout from the novel coronavirus pandemic, the IRS sent out $1,200 to each taxpayer, plus an additional $500 per child. It originally relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.
An estimated 9 million people haven't yet received an Economic Impact Payment. The IRS needs to send out the stimulus by the end of the year. It is extending the timeline for registering until 3:00 p.m. ET on Nov 21. The deadline had been Sept. 30 until the latest extension.
Bart McDonough is chief executive officer at Agio, a managed IT and cybersecurity service provider. He founded the organization in January 2010.· Bart is a distinguished speaker at the FBI International Conference on Cybersecurity, Dreamforce, the University of Oklahoma and HFMweek’s Hedge Fund Technology Leaders Summit.· He has counseled professionals at major financial institutions including Citigroup, Goldman Sachs, Credit Suisse, JP Morgan, Morgan Stanley, Jefferies and Bank of America.· He was previously managing director of information security, server infrastructure, database administration and application support at SAC Capital Advisors between 2001 and 2010.
Over his 35 years in the industry, Brent Kimball has earned a solid reputation as a specialist in pensions, retirement, and estate planning for business owners, as well as retirees. Brent has a BA from Dartmouth College and Masters in Education from Harvard University. He is also a Certified Financial Planner and Investment Advisor Representative of GWN Securities, Inc. Brent was a realLIFEstories honoree of the Life and Health Insurance Foundation for Education (LIFE), for his effort to raise awareness of the need for Americans to include insurance in their financial plans.
Brent is a past president of the MDRT Foundation and is also very active in local charities. As a 30-year MDRT member, Brent won the MDRT Foundation’s Top Quality of Life Award for Alex’s Team Foundation, an organization he helped create, which provides grief support and training for nurses working in the pediatric oncology unit of Boston Children’s Hospital.
Bimal Gandhi is CEO of Uniken.
Following recent IRS programming updates, anyone who registers using the Non-Filers: Enter Info Here before the 3 p.m. Eastern Nov. 21 extended due date will receive an Economic Impact Payment, if they’re eligible. That includes federal beneficiaries who already received an EIP but didn’t receive a supplemental $500 payment for qualifying children.
The additional time will enable them to enter the information on their qualifying children using the Non-Filers tool on IRS.gov.
Those who are eligible to provide this information include people with qualifying children who receive Social Security retirement, survivor or disability benefits, Supplemental Security Income (SSI), Railroad Retirement benefits and Veterans Affairs Compensation and Pension (C&P) benefits and did not file a tax return in 2018 or 2019.
The IRS is also encouraging anybody who didn’t have a requirement to file a tax return in 2018 or 2019 to register for an Economic Impact Payment by using the Non-Filers tool before the Nov. 21 deadline. The IRS originally didn’t have information on many of these taxpayers, so it was unable to send them the initial round of stimulus payments.
The IRS is encouraging people to choose direct deposit to receive their payments, as it will speed up processing when using the Non-Filers tool. Those who don’t choose this option will get a check in the mail instead. Starting two weeks after they register, people can track the status of their stimulus payments using the Get My Payment tool, accessible from IRS.gov.
