Details of the IRS Economic Impact Payment


        This week the Internal Revenue Service (IRS) provided some long awaited details regarding the Economic Impact Payment (EIP) that is meant to help boost Taxpayers as we are all being impacted by the COVID-19 pandemic. Now that this overall economic package has been passed, it will go into effect sometime in April. The determination for who qualifies, and for how much, is based on their 2019 Tax Return. Taxpayers are encouraged to file as soon as possible, even though the deadline for this year has been moved to July 15. The 2018 Tax Return will be used if 2019 is not available. If neither has been filed, this money will be available for the rest of 2020.

           When discussing this provision, most often people call it a check. In reality, most Taxpayers use direct deposit for their Tax Refunds. This means that the IRS will want to send this stimulus amount directly to your bank account. It is a simple, safe, and secure way to receive payment. Make sure the right account information is used on your latest Tax Return.

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