The IRS is giving individuals who do not normally file a tax return and have not received an economic impact payment an additional five weeks to enter their information on the Non-Filer: Enter Payment Info Here tool on the IRS website. The new deadline is midnight Nov. 21, which the IRS says is the latest it can push the deadline without affecting the upcoming filing season (IR-2020-229).
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, eligible individuals will receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The economic impact payment is an advance refund of a Sec. 6428 recovery rebate credit. Eligible taxpayers who do not receive a payment can claim the credit on their 2020 tax returns.
According to the IRS, the Non-Filers tool is designed for people with incomes below $24,400 for married couples, and $12,200 for singles who could not be claimed as a dependent by someone else, including couples and individuals who are experiencing homelessness.
The IRS explains that anyone using the Non-Filers tool can speed their payment’s arrival by choosing direct deposit. Otherwise they will receive a check.
IRS Commissioner Chuck Rettig said, “We took this step to provide more time for those who have not yet received a payment to register to get their money, including those in low-income and underserved communities.”
He added in the announcement, “Time is running out for those who don’t normally file a tax return to get their payments. Registration is quick and easy, and we urge everyone to share this information to reach as many people before the deadline.”
This extended deadline is only for those who have not received their economic impact payment and do not normally file a tax return. For taxpayers who requested an extension to file their 2019 tax return, the IRS says the deadline remains Oct. 15.
For more news and reporting on the coronavirus and how CPAs can handle challenges related to the pandemic, visit the JofA’s coronavirus resources page.
For tax-related resources, visit the AICPA’s COVID-19: Tax resources page.
— Sally P. Schreiber, J.D., (Sally.Schreiber@aicpa-cima.com) is a Tax Adviser senior editor.