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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Stephen Riley, CFA, CFP, CPWA, is a co-founder of Clearview Wealth Solutions, a firm designed to manage custom-tailored portfolios in a tax-aware manner.
Gene Marks, CPA, is a columnist, author, and small-business owner. A past columnist for both The New York Times and The Washington Post, he now writes regularly for The Hill, The Philadelphia Inquirer, Forbes Inc. Magazine, Entrepreneur Magazine and Fox Business.
He has written five books on business management, specifically geared towards small and midsized companies. His most recent is "The Manufacturer’s Book of Lists." Nationally, he appears regularly on MSNBC and Fox News as well as The John Batchelor Show and SiriusXM’s Wharton Business Channel, where he talks about the financial, economic and technology issues that affect business leaders today.
Through his keynotes and breakout sessions, Marks helps business owners, executives and managers understand the political, economic and technological trends that will affect their companies and — most importantly — the actions they can take to continue to grow and profit.
He owns and operates the Marks Group PC, a 10-person firm that provides technology and consulting services to small and midsized businesses. Prior to starting the Marks Group, he spent nine years in the entrepreneurial services arm of the international consulting firm KPMG in Philadelphia where he was a senior manager.
Paul S. Hugel, Esq, is an attorney who has been practicing in the federal and state courts of New York for over 20 years. He is a partner in the law firm of Clayman & Rosenberg, LLP and has represented numerous clients in civil and criminal matters arising under United States securities laws. He can be reached at hugel@clayro.com.
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.
