According to the U.S. Treasury and the Federal Reserve, Economic Impact Payment (EIP) ACH payments will be originated with an effective date as early as Wednesday, April 15. The first round of payments contain 81 million payments.
The Treasury’s Bureau of Fiscal Service anticipates continuing to transmit economic impact payments every Friday, as additional payment information becomes available.
Payments will look EXACTLY like Federal tax returns with the Company Name including "IRS TREAS 310 TAX REF"
The IRS says the vast majority of people do not need to take any action. The IRS will use 2019 tax return information to calculate the payment amount, and Direct Deposit that payment into the same banking account reflected on the return filed. If a 2019 return has not been filed, then the IRS will use 2018 tax return information.
However, there are some individuals who will need to take action:
- People who typically do not file a tax return will need to file a return to receive an economic impact payment. The IRS will automatically send an EIP to people who receive Social Security, Railroad Retirement or SSDI benefits.
- Anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 will need to file to receive an economic impact payment.
The U.S. Treasury has developed a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments more quickly by Direct Deposit as opposed to checks in the mail.
Cindy is a Senior Vice President / Operations Director for Heartland Bank. She graduated with a Bachelor of Science in Computer Science from the University of Nebraska-Lincoln. Outside of the bank, Cindy enjoys spending time with her family and going to garage sales and flea markets.
