Americans Begin Receiving Economic Stimulus Checks This Week

Millions of Americans are starting to see Economic Impact Payments deposited directly in their bank accounts. Treasury expects a large majority of eligible Americans will receive Economic Impact Payments within the next two weeks.

These payments are being automatically issued to eligible 2018 or 2019 federal tax return filers who received a refund using direct deposit. It’s important to note that many people have questions on how they will receive these payments, if they will receive them, and how they can check the status of their payment.

The Georgia Society of CPAs (GSCPA) and the Internal Revenue Service (IRS) are providing some added resources to assist in communicating with your clients:

  • Sample letter to use as a template when communicating with clients – click here.
  • Direct link for more information on these payments, including details on how to calculate the amount of your potential payment - IRS Economic Impact Payments page.
  • Non-filers can get their payment faster by using the ‘IRS Non-Filer Payment page’ web portal.
  • To check eligibility for the economic stimulus check - IRS Eligibility page.
  • Direct link to IRS change of address form 8822 - Link to Form 8822 here.
  • A flyer for distribution on "If You Still Need to File" - click here.
  • A flyer for distribution on "Economic Impact Payments - What You Need to Know" - click here.

Additionally, the IRS just launched a separate online application, “Get My Payment.” This free application allows taxpayers who filed their tax return in 2018 or 2019 but did not provide their banking information on their return to submit direct deposit information so they can receive payments immediately, as opposed to getting mailed checks which will start being distributed before the end of April. “Get My Payment” also allows taxpayers to track the status of their payment.

Regardless of how the payment is received, the IRS will send a mailed letter to the most current address they have on file approximately 15 days after your payment is sent.

For more information about your Economic Impact Payment, please visit www.IRS.gov and www.Treasury.gov/CARES.

Finally, visit GSCPA’s COVID‐19 resource center here:

https://www.gscpa.org/content/Home/COVID19-Resource-Center.aspx