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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Jason Pett, PwC's US Internal Audit, Compliance & Risk Management Solutions Leader, Financial Services Risk Assurance leader and part of the Global Internal Audit leadership team, has over 20 years of experience delivering internal audit, external audit and risk management services. He has led full outsource, large co-source and strategic sourcing engagements for many prominent companies, including leading internal audit functions for globally diversified Fortune 500 companies. Jason's extensive experience also includes implementing enterprise wide risk and compliance programs for organizations in a variety of industries and building integrated and synergistic risk, compliance and internal audit programs to optimize alignment and efficiency of delivery. He has assisted organizations in the design of start-up internal audit, risk management and compliance functions as well as working with companies to transform existing internal audit, compliance and risk management functions into value added, risk based and strategically aligned functions.
Bryan Yurcan is a senior writer with American Banker, with a focus on financial technology. Prior to American Banker, Bryan served as an editor with Bank Systems & Technology for nearly four years, as well as holding various other editorial roles for B2B tech and business publications. Bryan has been a guest speaker at bank technology industry conferences and has been quoted on the subject in numerous publications, including the Providence Business Journal and Columbus Dispatch.
Nicole Gelinas, a Chartered Financial Analyst, is a senior fellow at the Manhattan Institute and a contributing editor to the City Journal. She is the author of the book After the Fall: Saving Capitalism from Wall Street-and Washington.
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.
