Economic Impact Payment Issues? The TAS May Be Able to Help
As part of the CARES Act, the IRS is making Economic Impact Payments (EIP) to certain taxpayers. Eligible taxpayers who filed tax returns for either 2019 or 2018 automatically received an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. Eligibility for EIPS was determined by the taxpayer’s 2019 federal income tax return, or the 2018 federal income tax return if 2019 has not yet been filed.
While the vast majority of people did not need to take any action to receive their EIP, some taxpayers are navigating how to handle incorrect EIPS and/or other EIP issues. The National Taxpayer Advocate Service (TAS) recently published a table detailing several scenarios of EIP issues, who is impacted, whether the IRS is correcting the issue, next steps for taxpayers and whether or not TAS can assist with the problem.
** The information below reflects the TAS’s understanding of current processes as of 8/10/2020 and is not an official statement of the IRS position.
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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