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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Monica S. Simon is head of legal at Forge Global and has over 15 years of experience as a securities lawyer in both public and private markets.
Before joining Forge, she was deputy general counsel at Carta, and general counsel for Carta's broker-dealer entity. Prior to that, Simon was an attorney with Willkie Farr, where she advised registered broker-dealers and investment advisors, and assistant general counsel at Goldman Sachs, where she covered equities sales and trading and was counsel for the Goldman Alternative Trading System.
Steve Novak is the Senior Director of Accountant Partnerships at Navan, where he leads the company's efforts to help accounting firms transform their CAS practices through technology automation. Previously, he spent over six years at BILL, holding key leadership roles, including Senior Director of Business Partnerships and Senior Director of Accountant Partnerships. During his tenure, he played a crucial role in expanding BILL's Accountant partner network, driving adoption of its payment management platform. Prior to his time at BILL, Steve held various roles at BlackLine, XCM Solutions, and Thomson Reuters.
Patrick is the founder and CEO of Sidecar Health. He has more than 20 years' experience in sales, marketing, product, and engineering with both public and private companies. Prior to Sidecar Health, Patrick was Chief Executive Officer at Katch, a leading online enroller of consumers in individual health plans. Patrick was also part of the founding management team at QuinStreet, (QNST), an executive at BEA Systems (BEAS), and a consultant at McKinsey & Company.
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.
