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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Richard A. Royer has served as the chief executive officer of Primaris, a vendor of healthcare quality business solutions, since 2001. He has extensive administrative healthcare experience and is actively involved in several statewide healthcare initiatives.
Peyton Burch, CPA, CITP, is a senior channel executive with Intacct. He is a nationally recognized expert in managing high-performing value added reseller (VAR) organizations and building high impact relationships with both software publishers and customers. He joined Intacct in October of 2010 and is engaged in Channel Partner sales and enablement efforts. Mr. Burch is a sought-after speaker at AICPA and accounting industry conferences. His firm was awarded Accounting Technology’s Pacesetter designation for seven consecutive years. Mr. Burch is actively involved in the AICPA and the Information Technology Alliance (ITA). Mr. Burch began his career in 1986 as a Senior Consultant with Arthur Andersen & Co.’s Management Information Consulting Division and went on to lead several prestigious VAR businesses. As President of Houston-based Burch Consultants, he built the firm into a nationally recognized industry leader. As part of the Intacct team, Mr. Burch leverages his strong ties to the CPA and reseller communities to help evolve the Intacct VAR program. Previously, he served as Director of Partner Programs at Deltek.Mr. Burch obtained a bachelors degree in Business Administration from Southern Methodist University and a Masters in Professional Accounting) from the University of Texas at Austin. He became a Certified Public Accountant in 1989. Mr. Burch has served on the AICPA Technology Conference Committee for the past six years and as Chairman of the 2008 - 2011 Conferences. He currently leads the ITA Membership Committee and serves on the AICPA CITP Credential Committee. In 2010, he was recognized by Accounting Today as one of the Top 100 Most Influential People in Accounting.
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.
