Economic Impact Payments (EIP)
IRS Updates Information
The IRS recently made additional information public about Economic Impact Payments (EIPs), acknowledging that some may have been erroneously sent to closed, inactive or temporary accounts. Those impacted consumers will have to claim the Recovery Rebate Credit when filing their 2020 tax return electronically.
Nacha believes that, in total, as many as 13 million of the 113 million EIPs issued by ACH may be in this category. The IRS has advised those who believe they are impacted to check the status of their payment at IRS.gov/getmypayment.