CARES ACT UPDATE
Economic Impact Payment Information
As the IRS prepares to issue approximately 175 million Economic Impact Payments, We have been working closely with the industry leaders to develop a strategy that gets refunds into taxpayer’s hands without creating a burden on tax professionals.
What your clients can expect?
A taxpayer who filed through your office and paid for tax preparation with the Refund Transfer, and qualifies for the Economic Impact Payment may receive their payment 1 of 2 ways. Note: This is information subject to change and we will provide updates once more details are available.
Taxpayer who selected Refund Transfer Direct Deposit
The IRS will issue Direct Deposit to the taxpayer who selected “Refund Transfer Direct Deposit” such as SBTPG DIRECT or REFUND ADVANTAGE ERD
Check mailed to the Taxpayer
An IRS-issued check may be mailed to taxpayers that selected any Refund Transfer option other than Direct Deposit options listed above.
Taxpayer’s who wants to update their bank info
The U.S. Department of the Treasury and IRS will launch the “Get My Payment” web application sometime this week. The FREE app—which will be found at IRS.gov (CLICK HERE)—will allow 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. Once they do, they will get their Economic Impact Payments in their bank accounts quickly, instead of waiting for a check to arrive in the mail. “Get My Payment” will also allow taxpayers to track the status of their payment.