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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Atkin joined Reed Smith in 2009 and is a member of the firm's Tax, Benefits & Wealth Planning Group. Prior to joining Reed Smith, Lori had over 23 years of experience with qualified retirement plan counseling at large consulting firms, and brings a consultant's practicality to her profession in addition to her legal knowledge and experience. Lori has been involved in all aspects of qualified plans, including design, drafting, compliance, government filings, communications, and administration. In addition to her qualified plan expertise, Lori has had significant experience with mergers and acquisitions and nonqualified plans.
As a partner, Sizemore assists clients with matters involving general employee benefits and executive compensation. Allison also is experienced with benefits due diligence and advice in connection with mergers, acquisitions, and lending transactions, including private equity and private fund transactions, as well as analyzing ERISA implications of fund structure and certain operations.
Martini’s practice is focused on all aspects of executive compensation and employee benefits. He frequently represents public companies, private equity firms, and management teams in connection with all phases of the employment relationship. In this regard, John assists employers and employees alike in assessing the market value and market terms of management compensation arrangements, while ensuring that those arrangements are delivered under a beneficial tax structure.
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.
