Update on Economic Impact Payments
The IRS continues to take additional steps to get the second Economic Impact Payments to more eligible taxpayers. In addition to redirecting payments to the proper accounts, the IRS and tax industry partners worked over the weekend to help a smaller set of impacted taxpayers.
Following extensive work and discussions with our industry partners, the IRS will reissue payments for taxpayers who did not receive the second Economic Impact Payment in instances where the bank account identified in our records has been closed. This impacts taxpayers whose tax preparation providers followed initial IRS guidance and are now waiting for the IRS to re-process payments related to these accounts. Payments will be issued directly from the government later this month (our industry partners are not in possession of these funds), within weeks of the law being enacted. For people in this group, payments may be issued either as a paper check or as a direct deposit. Taxpayers do not need to take any action or call; this will be done automatically. The IRS regrets the inconvenience caused by this situation.