By Rebecca Hinton
Taylor Porter Tax Law Attorney
Read the latest IRS guidance on stimulus payments
The IRS announced on April 1 that Social Security recipients who did not file an income tax return for 2018 or 2019 would not need to submit additional paperwork in order to receive a stimulus payment. Instead, the IRS says it will use the information in social security benefit statements to generate stimulus payments for those who did not file income tax returns for 2018 or 2019.
“Social Security recipients who are not typically required to file a tax return do not to need take an action, and will receive their payment directly to their bank account,” said Treasury Secretary Steven T. Mnuchin on April 1.
For most Americans, the IRS says the stimulus checks, called for under the $2 trillion CARES Act, will go out automatically based on information contained in 2019 federal tax returns. For taxpayers who have yet to file 2019 income tax returns, the deadline has been extended until July 15, 2020, and the IRS, in those cases of persons who have yet to file, would look at 2018 income tax returns.
The payment will be made directly to the bank account indicated on the 2019 (or 2018) income tax return.
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus - https://www.irs.gov/coronavirus.
For any questions pertaining to tax law, and new developments presented amidst the Coronavirus pandemic, please do not hesitate to contact Taylor Porter tax attorney Rebecca Hinton at email@example.com
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