Check Your Bank Balance – You May Have Received Your Economic Impact Payment
The IRS confirmed in a tweet today that the first round of economic impact payments has been sent by direct deposit to individuals and families.
Don’t Miss
- Do you need a business bank account for your online business? Have a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits.
- AI can change your entire social media game today. Learn how you can save time writing engaging content faster. [sponsored]
- How to lower your taxable income and pay less in taxes. [sponsored]
- ‘My Community Made’ is a new marketplace to compete with Etsy and Amazon Handmade.
- EXCLUSIVE: Interview with Chris Prill, VP eBay Motors, discussing the new Guaranteed Fit program.
#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can. For #COVIDreliefIRS updates see: https://t.co/hEEWmgHA9V pic.twitter.com/2bSHOTjMAS
— IRS (@IRSnews) April 11, 2020
The Economic Impact Payments are the $1,200 (or more) direct payments to individuals and families authorized by the CARES Act that passed two weeks ago.
The first wave of payments goes to taxpayers who filed 2018 or 2019 tax returns and provided their direct deposit bank information to receive refunds.
Yesterday, the IRS opened a new web portal for non-filers, those not required to file a tax return, to provide banking information for direct payments.
The agency will later this month provide another portal that allows those taxpayers that filed 2018 or 2019 tax returns but did not provide direct deposit information to give the IRS their banking information for a faster payment schedule.
Otherwise, the IRS will start sending out paper checks in about two to three weeks in weekly waves starting with the lowest income taxpayers.
The agency is also working with other federal agencies to identify individuals and families, such as retirees who receive social security checks by direct deposit, to collect banking information for the Economic Impact Payments.
This group may be at the end of the initial wave of direct deposit payments as the process appears to be ongoing. The belief is that it will take about two weeks to transmit all direct deposit payments before paper checks start flowing.
[post-cta]
Connect with us: Head over to our Facebook Group for Small Business Sellers and interact with other small business owners.
Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.
Subscribe to Our Newsletter
Business Insights for Your Online Business Presented with a Dash of Humor
We do not share your information and you can unsubscribe anytime.
Richard Meldner
Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.