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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Dan Ewing is a senior expert in McKinsey & Co.�s San Francisco office and a member of its North American Financial Services and Payments Practice. He co-leads the firm�s work on emerging payments, including mobile, online, prepaid and cross-border remittances, as well as organizing the semi-annual Emerging Payment Forum with Bay Area start-ups and service providers, and leading much of McKinsey�s research on consumer and small business adoption of digital payment services. He joined the firm in 2004 and has worked in its Shanghai, Taipei and Singapore offices.Dan focuses on serving financial services clients on growth strategy, innovation and new business development. He has served retail banks, payments networks, processors, e-commerce, and private equity clients. He has published articles on payments, including digital wallet, global remittances, emerging payment scenarios, and China�s credit card market.Prior to joining McKinsey, he earned an MBA from The Wharton School and an MA in International Studies (Economics and Chinese Studies) from Johns Hopkins SAIS.
Michelle Evans has served as an analyst of the financial cards and payments industry at Euromonitor International in Chicago since 2010.In her current role, Evans follows the global financial card market, consumer payment and consumer lending industries, including the drivers and constraints facing this space and overarching trends, like emerging payments that will shape the financial services industry moving forward.She produces opinion pieces, in-depth reports, podcasts, videos and general analysis to help clients make informed, long-term strategic decisions. Follow her on Twitter @mevans14.
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.
