Economic Impact Payment (EIP) TY19
IRS.gov
Coronavirus Tax Relief and Economic Impact Payments:
https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
Non-Filers: Enter Payment Info Here
https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
Check on the status of your Economic Impact Payment
https://www.irs.gov/coronavirus/get-my-payment
Banks Statements Below (subject to change 4.15.20)
Republic
The funds being sent to us for EIP do not have any type of special code or indicator, and they are comingled with tax refunds, so we are using the standard EIP amounts to differentiate EIP payments from tax refunds. This means that single or head of household customers that are receiving an amount of $1200 plus $500 for each child (or joint filers receiving an amount of $2400 plus $500 for each child) will have this amount disbursed to them via a check sent in the mail from Republic Bank. Some customers will be receiving an EIP in a non-standard amount due to possible offsets for back child support or an income phase out. Unfortunately, it is difficult to differentiate these non-standard EIP from tax refunds. Therefore, these payments will be disbursed in the same fashion that the customer’s tax refund was sent to them – a check printed at tax office, direct deposit to their personal bank account, a check printed by Republic Bank (if the tax office has chosen that setting), Walmart Direct2Cash or a direct deposit to their prepaid card.
TPG
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ECONOMIC IMPACT PAYMENT Latest update about release of payments |
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** PLEASE NOTE: INFORMATION IS UPDATED FREQUENTLY AND SUBJECT TO CHANGE**
We are providing the following update about the disbursement of Economic Impact Payments (EIP), and IRS plans to distribute EIP stimulus payments directly to qualified taxpayers.
The issuance of payments directly from the IRS to taxpayers means that the IRS is the best source of information regarding the amount, timing and status of the EIP. Your clients should contact the IRS directly if they have any questions. Taxpayers to begin receiving payments this week The IRS has begun issuing payments to taxpayers with direct deposits, and the lowest income (AGI) taxpayers first. The IRS has indicated most payments will be received by April 15. They will issue payments weekly until payments are complete. Direct Deposit Taxpayers who utilized direct deposit will receive payment to the bank account used for the federal refund.
If a payment is returned to the IRS (Ex. bank account is closed), the IRS will mail a check to the taxpayer. IRS-issued checks Taxpayers who received their refund by Walmart MoneyCard, Walmart Direct2Cash or check (IRS, ERO site print or bank print) will receive a check from the IRS mailed to the address indicated on the tax return. Because of the resource demand of printing checks and the time of mailing it will take longer for checks to arrive to taxpayers.
In the rare event that payments are inadvertently sent to TPG, a plan is in place to help identify and expedite the return of these payments to the IRS so that the IRS can reissue payments directly to affected taxpayers as soon as possible. If we are unable to identify the payment as an Economic Impact Payment, the deposit will be processed as a federal refund, with all associated fees withheld from the deposit amount; however, the associated fees that are withheld may need to be returned to some taxpayers on a case-by-case basis.
We understand that taxpayers need their refund or EIP more than ever, so we are committed to helping the IRS get money to taxpayers as quickly and easily as possible. IRS releasing tools to help taxpayers Last week the IRS and Treasury Department released the Non-Filers: Enter Payment Info tool for those who don't normally file a tax return.
The IRS plans to release a Get My Payment tool by April 17 which will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them.
We will continue to update our website as more details are available. |
Refund Advantage
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Industry Updates April 14, 2020
We are continuing to provide new information regarding Covid-19 impacts on business, including Economic Impact Payments (EIP).
Below you will find frequently asked questions around EIP, as well as important reminders for you and your tax business. |
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Economic Impact Payments - Frequently Asked Questions
Will Refund Advantage be sending Economic Impact Payments? The IRS has stated that they will be distributing Economic Impact Payments directly to individuals. As such, RA will not play a role in facilitating these payments. If the IRS makes EIP payments incorrectly to the refund transfer bank, they will be returned to the IRS to be distributed directly to the individual.
If my customer used Refund Advantage, how will they receive their Economic Impact Payment? The IRS indicated that the taxpayers with bank products will not have their EIP sent to the temporary account at the bank product facilitator. The IRS states that bank product customers should expect their payment to be direct deposited to their personal bank account or mailed as a check. The IRS intends to launch their "Get My Payment" tool in mid-April to allow individuals to confirm their payment type or check their payment status.
How much will my customers Economic Impact Payment be? Where is it? When will they receive it? RA does not have any visibility into this information. The IRS has indicated that payments will begin this week and continue over the next several weeks. Once IRS Get My Payment is launched, this will provide the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them. RA agents will not be able to provide any information about these payments. |