Latest Updates on Coronavirus Tax Relief
The Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.
According to the IRS press release, the initial direct deposit payments may begin arriving as early as Dec. 29, 2020, for some and will continue into the following week. Paper checks will begin to be mailed Wednesday, Dec. 30, 2020.
The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of Jan. 4, 2021. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.
As with the first round of payments under the CARES Act, most recipients will receive these payments by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.
If you are eligible for a payment, your payment will be deposited directly into the same account used when you filed your 2019 tax return and/or the account number used in the previous stimulus payment program. Again, per the IRS this is slated to occur Jan. 4, 2021. The payment will appear in your account summary as “IRS TREAS 310 XXTAXEIP2” or something similar.The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions. The IRS has a website where you can check your payment status here.
Paper check via mail
If you receive a paper check, we encourage you to use mobile deposit via TruMark Financial’s mobile app or a TruMark Financial ATM to deposit your check.
For full details, visit the IRS Tax Relief website which is being updated regularly.
DO NOT give out sensitive information over the phone. At no point has the IRS said it will be calling people to collect information.
DO NOT pay anyone in connection with this money. The IRS will not ask you to pay to expedite the process or to pay a small upfront fee. A popular scam is to ask for a small fee upfront to get the deposit early or other payment techniques.
If someone calls you or asks something questionable related to the stimulus payments, contact the IRS using the information on www.irs.gov for clarification.