Today's Tax

02/27/2024

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01/17/2023

02/23/2021

Recovery Rebate Credit
The IRS announced last week that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued. Get My Payment was updated on January 29 to reflect the final payments and will not be updated again. If individuals didn’t receive all or part of their payment, they may be eligible to claim the Recovery Rebate Credit with their 2020 tax return.

Important Notes:

Claiming the wrong amount of the Recovery Rebate Credit will cause the return to require additional IRS review which will delay refund processing. Taxpayers can confirm their stimulus payments either by referencing IRS-mailed Payment Confirmation Notices 1444 and 1444-B, checking their bank account activity, creating/viewing their online account, verifying issued payments through the Get My Payment tool, or requesting an account transcript.

Eligibility for the RRC is based on 2020 tax year information, while the Economic Impact Payments were based on 2019 (or 2018) information.

12/25/2020

Merry Christmas!!

04/20/2020

04/14/2020

UPDATE FOR THOSE WHO RECEIVED THE RETURN MONEY ON BANK CARDS FROM REFUND ADVANTAGE


Industry Updates
April 14, 2020

We are continuing to provide new information regarding Covid-19 impacts on business, including Economic Impact Payments (EIP).

Below you will find frequently asked questions around EIP, as well as important reminders for you and your tax business.

Economic Impact Payments -
Frequently Asked Questions

Will Refund Advantage be sending Economic Impact Payments?
The IRS has stated that they will be distributing Economic Impact Payments directly to individuals. As such, RA will not play a role in facilitating these payments. If the IRS makes EIP payments incorrectly to the refund transfer bank, they will be returned to the IRS to be distributed directly to the individual.

If my customer used Refund Advantage, how will they receive their Economic Impact Payment?
The IRS indicated that the taxpayers with bank products will not have their EIP sent to the temporary account at the bank product facilitator. The IRS states that bank product customers should expect their payment to be direct deposited to their personal bank account or mailed as a check. The IRS intends to launch their "Get My Payment" tool in mid-April to allow individuals to confirm their payment type or check their payment status.

How much will my customers Economic Impact Payment be? Where is it? When will they receive it?
RA does not have any visibility into this information. The IRS has indicated that payments will begin this week and continue over the next several weeks. Once IRS Get My Payment is launched, this will provide the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them. RA agents will not be able to provide any information about these payments.

04/11/2020

Today’s Tax Tip

FOR TAXPAYERS NEEDING TO UPDATE DIRECT DEPOSIT OR ADDRESS INFORMATION FOR STIMULUS PAYMENT

💰 If the IRS doesn’t have your direct deposit info and you do not update it on the “Get My Payment” application , a check will be mailed to your address on file.

Use the "Get My Payment" application (coming mid-April) to:

💰 Check your payment status
💰 Confirm your payment type: direct deposit or check
💰 Enter your bank account information for direct deposit if the IRS doesn’t have your direct deposit information and payment hasn’t been sent yet.

Update your information

💰 Direct deposit: Use the Get My Payment application (coming mid-April) to let the IRS know your bank account information if they don't have your direct deposit information and payment hasn’t been sent.

💰 Check payment: If you moved since you last filed, let the IRS know your new mailing address.

https://www.irs.gov/coronavirus/economic-impact-payments