To Our Clients and Friends,
As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers.
Distribution of recovery rebates began this week.
If you are expecting a federal recovery rebate, but have not yet received it, visit the IRS website for more information. The IRS recently released a tool to provide information about:
- Your payment status
- Your payment type
- Whether the IRS needs more information from you, including bank account information
In order to access information about the status of your recovery rebate, you will be asked to supply the following information:
- Your Social Security Number or Individual Tax ID Number
- Your date of birth
- Your street address and ZIP or postal code
Please note: you may be asked for specific information from your 2018 or 2019 tax return (if you have filed). We recommend having your tax return(s) on hand in case more information is needed.
Having trouble receiving your recovery rebate? You may have one of the following issues:
- Are you eligible for a recovery rebate? To receive any portion of the recovery rebate, you must fit all of the following three criteria: (1) be either a U.S. resident or citizen, (2) not be the dependent of another taxpayer, and (3) have a work-eligible Social Security Number. Additionally, there is an income limit set for receiving the rebate. You can read more here.
- Is your bank/mailing address up to date? The IRS will use the direct deposit information you supplied on your most recent tax return (either 2018 or 2019) to send your recovery rebate. If you received your last tax refund via a physical check, your rebate will be mailed to the residence you listed on your most recent tax return (either 2018 or 2019). For more information on how to update either of those items, please click here.
- Did you file a tax return? If you did not file a tax return in the last two years (2018 and/or 2019), the IRS needs more information from you. For guidance on how to submit the information required, review the information for non-filers by clicking here.
For more specific information on the recovery rebate, including in-depth information regarding eligibility, please visit our CARES Act FAQ blog.
Slattery & Holman, P.C.