“Wow, that was fast!” The exact words from one of our client this morning. The direct deposits are happening now. The IRS has begun depositing Economic Impact Payments into the accounts of taxpayers who filed a 2018 or 2019 tax return with direct deposit information included in the return. This includes taxpayers who applied for a bank product and selected the direct deposit option on their bank application.
Later this week, taxpayers will be able to check the status of their payment, change their address and change their direct deposit information by using the IRS Get My Payment application which is anticipated to be live on the IRS website by April 17th.
The IRS will be sending letters to all taxpayers who receive an Economic Impact Payment providing information on how the payment was made and how to report any failure to receive the payment. These letters will be mailed to the taxpayer’s last known address.
Please advise your clients to use the above mentioned IRS application to update any necessary information and check the status of their payments.
If you haven’t filed yet, call our office at (361)579-3026, ask for your preferred tax professional.