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Recent Tax Updates

Additional Things to Know About the Economic Impact (Stimulus) Payment

Here are three additional things to know about the Economic Impact (Stimulus) Payments.

SSI and VA Benefit Recipients
Since many SSI and VA benefit recipients typically are not required to file tax returns they will receive their Economic Impact Payment with no further action needed on their part.

Additional programming work remains and the timing of the payments to these taxpayers is still being determined.

See the following IRS news releases for more information:

  • IR-2020-73 – Supplemental Security Income recipients will receive automatic Economic Impact Payments
  • IR-2020-75 – Veteran Affairs recipients will receive automatic Economic Impact Payments

Bank Product Returns Where Associated Bank Product Account is No Longer Active
If a taxpayer used a bank product to receive their refund and the associated account has been closed or is no longer active, the bank is required to reject the deposit and return it to the IRS. When this occurs the IRS will reissue the Economic Stimulus Payment as a paper check and it will be automatically mailed to the address on the 2019 tax return.

The IRS Get My Payment online tool will then be updated to reflect that the payment will be issued as a paper check. The timing of this process depends on several variables, including when how the payments are rejected and returned to the IRS.

For more information see the Get My Payment FAQs – In the Bank Account Information section (Get My Payment says that my Economic Impact Payment was sent to an account I don’t recognize)

Eligibility for Stimulus Payment – Filing Married Filing Joint and One Spouse Has an ITIN
When spouses file a joint return, both spouses must have a valid SSN in order to receive an Economic Impact Payment. The only exception is when one of spouses is a member of the US Armed Forces during the year.

For more information see Question 14 on the IRS Economic Impact Payment Information Center page.

For additional information on the Economic Impact Payments see the following on the IRS website:

Mark Castro, CPA

Mark Castro, CPA

Mark has been with CrossLink Professional Tax Solutions (CPTS) since 2008, but has been in the tax industry since 1990. As the government/tax industry liaison for CPTS, Mark has been very active in working with the IRS, States, and other tax industry members to help improve communications, promote standardization, and simplification of eFile systems. Mark has also been active with industry associations as a board member of the National Association of Computerized Processors (NACTP) and the Council of Electronic Revenue Communication Advancement (CERCA) for many years. These two associations work with the IRS and States to help solve key eFile and electronic tax system issues and work to improve the operations of the State and IRS eFile systems.

Recent Tax Updates

Safeguarding Tax Professionals: Watch Out for Tax Season Scams

In today’s digital era, tax professionals are prime targets for cybercriminals. With sophisticated schemes lurking around every corner, it’s crucial for tax experts to stay alert and informed about the latest threats in their field.
Read now to learn about three prevalent scams that tax professionals should be wary of.

Read More »

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