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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Oliver Tearle is head of research at The ai Corporation
Sumit Punjabi is senior manager of RPA strategy, digital strategy and business transformation at NTT DATA Services. He is a management consultant with extensive global consulting experience spanning the breadth of robotics process automation strategy and roadmap definition, digital strategy assessments, customer journey re-engineering, business transformation, business process management, program management, change management and implementation of various policy level changes impacting the organization.
He has advised senior executives of leading global institutions on several strategic engagements, assessing the organizations business strategies, people, process and technology capabilities, identifying key client business issues, determining client needs, validating analysis and developing recommendations for the client in the context of the overall business strategy. He has extensively used Lean Six-Sigma and ITIL methodologies to analyze, improve and redesign solutions across business and IT process areas.
Sumit is an MBA from Indian School of Business and participated in a student exchange program with Tuck School of Business at Dartmouth University. He is also a Certified Six Sigma Black Belt (ASQ), Dell Certified Project Management Professional and Trained in ITIL v3.
Andre Sterley is a senior audit manager and practice leader for the digital asset group of Mazars USA based in New York City, as well as co-chair for the accounting and audit working group of the Accounting Blockchain Coalition. The Mazars Digital Asset Group was formed with the mission to help organizations navigate the complex accounting, tax, audit and other advisory issues related to digital assets, blockchain and distributed ledger technologies.
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.
