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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Provides Advertisers Greater Audience Reach with Increased Ad Viewability and Non-Intrusive Brand Experience
Harphajan is the chief data officer at AXA Malaysia, a subsidiary of the Paris-headquartered AXA Group, a worldwide leader in financial protection strategies and wealth management.
Being an Innovation Evangelist, Harphajan is a well-established expert in leveraging artificial intelligence and data science in pioneering strategic growth across financial services. Harphajan’s deep expertise and passion for data and innovations are the centre stage of his artificial intelligence journey, leading some of industry’s disruptive engagements in the space of connected cars, connected homes, connected health, on-demand insurance, sharing economy and peer-to-peer insurance.
An avid contributor to the industry’s adoption of FinTech and InsurTech technologies, Harphajan is actively involved in identification, incubation and road-mapping of emerging technologies advancements in financial services particularly around connected IoT devices, autonomous vehicles, drones, wearable’s and blockchains.
Connect with Harphajan on LinkedIn or follow him on Twitter for this latest thought leadership in the space of innovation and artificial intelligence. Visit www.harphajan.com to subscribe for Harphajan’s latest insights.
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.
