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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic.
The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act.
George Friedlander is widely recognized as a leader in the municipal bond marketplace. He is frequently quoted in the financial press on his ideas related to trends and investment patterns in the municipal bond market. Prior to joining Court Street Group, he was employed by� Citigroup and its predecessor firms for 41 years.� He has a BS in Math from the State University at Stony Brook and an MBA with Distinction in Finance from Pace University. Mr. Friedlander� has perennially been ranked within the top three� in municipal strategy in various investor surveys. More recently, he has adjusted his focus to policy analysis within the muni market, as well as the implications of accelerating technological change for state and local governments. Mr. Friedlander has further been recognized with awards from SIFMA and its predecessor firms, the Bond Market Association and the Public Securities Association, and from the National Federation of Municipal Analysts. He was voted the National Federation’s Analyst of the Year in 1989, and received the Chairman’s Contribution Award of the Bond Market Association in 1997. In 2011 Mr. Friedlander received the Lifetime Achievement Award in a poll of institutional investors by Smith's Research and Gradings. �He is currently actively working with state and local public interest groups on ways to respond to potential threats to the tax-exempt status of municipal bonds.
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.
