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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Liz is a Certified Financial Planning Professional and is serving clients at Planning Across the Spectrum as the Director of Financial Planning. Liz joined Planning Across the Spectrum in February 2021 after working with two traditional financial planning firms. She works mostly remotely from Maryland, where she lives with her husband, son, puppy, and backyard chickens. She is excited to move beyond traditional planning into the specialized world supporting families with I/DD and ASD.
Andrew is the founder of Planning Across the Spectrum. From his personal experience as an individual with ASD, he was inspired to create Planning Across the Spectrum to specifically work with individuals, families, and care teams of those with special needs. Andrew is a known national advocate for Autism awareness and serves on various boards and advisory committees. Andrew is CFP®, Behavioral Financial Advisor (BFA™), and Chartered Special Needs Consultant (ChSNC®) among his other designations. (He has more than Michael Kitces.)
Sandra Wiley, the president of Boomer Consulting Inc., is ranked by Accounting Today as one of the 100 most influential people in accounting as a result of her prominent role as an industry expert on HR and training as well as influence as a management and planning consultant. She is a certified Kolbetrainer who advises firms on building balanced teams, managing employee conflict and hiring staff. Her Kolbe Index reveals her to be a visionary leader who is gifted with the ability to tackle emerging as well as future challenges. Wiley is regularly invited to speak at national conferences, and is a popular author who is frequently published by many trade journals including CPA Practice Management Report, Accounting Today, Accounting Web, The CPA Practice Management Forum, The CPA Report of South Carolina, Lagniappe of Louisiana and The Asset of Missouri Societies. She also contributes a regular column covering human resources to the Boomer Bulletin and penned an award winning marketing plan, Rebuilding the Community Bank, published by the Bank Marketing Association. Prior to joining Boomer, she worked for over 16 years in the financial services industry in the areas of human resources, marketing/sales, training, and business development. She has developed and presented over 50 training programs and numerous one-day seminars in human resources and marketing/sales. She was an officer of the American Institute of Banking. Wiley is a graduate of Friends University, in Wichita, Kansas, where she earned a bachelor's degree in Human Resource Management. She also graduated with honors from the University of Colorado School of Bank Marketing. She and her husband, Doug, make their home in Manhattan, Kansas. They have three children: Charlie, Deanna and Sarah.
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.
