[NFBNJ] Economic Impact Payments

Tue Apr 6 22:50:04 UTC 2021

From: Gaston, Pamela
Date: Tue, Apr 6, 2021 at 6:23 PM
Subject: Economic Impact Payments
To:
CC: CBVI Public-Email <CBVI.Public-Email at dhs.nj.gov>

WASHINGTON — As work continues on issuing millions of Economic Impact
Payments to Americans, the Internal Revenue Service and Treasury Department
announced today that they anticipate payments will begin to be issued this
weekend to Social Security recipients and other federal beneficiaries who
do not normally file a tax return, with the projection that the majority of
these payments would be sent electronically and received on April 7.

After receiving data from the Social Security Administration on Thursday,
March 25, the IRS began the multi-step process to review, validate, and
test tens of millions of records to ensure eligibility and proper
calculation of Economic Impact Payments. If no additional issues arise, the
IRS currently expects to complete that work and to begin processing these
payment files at the end of this week. Because the majority of these
payments will be disbursed electronically – through direct deposits and
payments to existing Direct Express cards – they would be received on the
official payment date of April 7.

Many federal beneficiaries who filed 2019 or 2020 returns or used the
Non-Filers tool last year were issued Economic Impact Payments, if
eligible, during the last three weeks. The update today applies to Social
Security retirement, survivor or disability (SSDI), Supplemental Security
Income (SSI), and Railroad Retirement Board (RRB) beneficiaries who did not
file a 2019 or 2020 tax return or did not use the Non-Filers tool.

"IRS employees are working tirelessly to once again deliver Economic Impact
Payments to the nation's taxpayers as quickly as possible," said IRS
Commissioner Chuck Rettig. "Our teams immediately began processing data we
received last week for federal benefit recipients. We know how important
these payments are, and we are doing everything we can to make these
payments as fast as possible to these important individuals." The Get My
Payment tool is updated for eligible individuals once their payment is
processed. The IRS notes that the Get My Payment tool on IRS.gov will not
be updated until the weekend of April 3-4 with information for federal
beneficiaries expecting payments next week.

The IRS continues to review data received for Veterans Affairs (VA) benefit
recipients and expects to determine a payment date and provide more details
soon. Currently, the IRS estimates that Economic Impact Payments for VA
beneficiaries who do not regularly file tax returns could be disbursed by
mid-April. VA beneficiary payment information will be available in the Get
My Payment tool at a future date.

Federal benefit payments automatic; no action for most

Most Social Security retirement and disability beneficiaries, railroad
retirees and recipients of veterans benefits who are eligible for an
Economic Impact Payment do not need to take any action to receive a
payment. These payments will be automatic. Like the previous Economic
Impact Payments, Social Security and other federal beneficiaries will
generally receive this third payment the same way that they receive their
regular benefits.

Some federal benefit recipients may need to file a 2020 tax return, even if
they don't usually file, to provide information the IRS needs to send
payments for any qualified dependent. Eligible individuals in this group
should file a 2020 tax return to be considered for an additional payment
for their qualified dependent as quickly as possible.

Some federal benefit recipients already have received an Economic Impact
Payment

The IRS emphasizes that federal benefit recipients in these groups who file
tax returns already started to receive Economic Impact Payments earlier
this month, along with other taxpayers.

Because some federal benefit recipients do not file tax returns, the IRS
did not have in its tax systems the current information needed to generate
the Economic Impact Payments. Last year, the IRS took the unprecedented
step to receive and review data from other federal agencies and use that
data to deliver payments automatically to these recipients. This action –
which had never occurred in previous stimulus efforts – minimized risk and
burdens for the American public during the pandemic. Due to regular changes
in the federal benefits population, the IRS needed to receive updated
information this month from other government agencies. With these critical
updates, eligible federal benefit recipients who don't normally file an
income tax return will get a payment automatically in the next few weeks.

Making these automatic payments to federal beneficiaries involves a
complex, multi-step process to handle recipient data from the other
agencies. For the first round of Economic Impact Payments last year,
recipients in these groups received payments within four to six weeks after
the CARES Act was signed into law. For the American Rescue Plan signed
March 11, the IRS projects that it is on track to deliver Economic Impact
Payments to federal beneficiaries at the same or faster speed.

More details on this third round of Economic Impact Payments and federal
benefit recipients will be available soon on irs.gov

*Pamela L. Gaston*
Executive Assistant 2
NJCBVI
973-900-2564

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