Check Here for Latest COVID-19 Related Tax Updates

phone: 978.774.3000    fax: 978.774.8170    185 Centre St., Danvers, MA 01923


Economic Impact Payments Quick Facts

The IRS recently released some information regarding the Economic Impact Payments:

• The payment is not taxable income.

• The money received will not affect income when determining federal government assistance and benefit programs.

• You can use the following link to check the status of your payment (keep in mind we have heard from numerous clients that this IRS tool is not always functioning properly and they are getting error messages):

https://www.irs.gov/coronavirus/get-my-payment

• If you have a new bank account from what the IRS has on file, you cannot update your account with the IRS using this tool. The payment will get issued to your old account, the bank will reject the deposit, then the IRS will mail you a check.

• If you do not file a tax return, you can enter your information on the following site so the IRS can determine if you qualify for a payment:

https://www.irs.gov/coronavirus/economic-impact-payments

Please consult your tax advisor on all the above information.

Leave a Reply