The IRS is regularly updating the Economic Impact Payment  and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Taxpayers should check the FAQs often for the latest additions; many common questions are answered in these.
 
More than 80 million Economic Impact Payments have already been delivered to the nation’s taxpayers. More payments are on their way. As part of this effort, the IRS has launched two tools to help taxpayers get their payments:

Quick links to the Frequently Asked Questions on IRS.gov:

Economic Impact Payments: www.irs.gov/eipfaq
Get My Payment tool: www.irs.gov/getmypaymentfaq

The Internal Revenue Service today posted new Frequently Asked Questions (FAQs) regarding COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses -- sick leave and family leave. 

WASHINGTON – The Internal Revenue Service, working in partnership with the Treasury Department and the Department of Veterans Affairs, announced today that recipients of VA benefits will automatically receive automatic Economic Impact Payments.

Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined.

Moving VA recipients into the automatic payment category follows weeks of extensive cooperative work between VA, Treasury, IRS as well as the Bureau of Fiscal Services.

“Since many VA recipients typically aren’t required to file tax returns, the IRS had to work with these other government agencies to determine a way to quickly and accurately deliver Economic Impact Payments to this group,” said IRS Commissioner Chuck Rettig. “Additional programming work remains, but this step simplifies the process for VA recipients to quickly and easily receive these $1,200 payments automatically. We deeply appreciate the sacrifices and service to our country by each and every veteran and their families, as well as the assistance of VA and the Bureau of Fiscal Services in this effort.”

No action needed by most taxpayers
Earlier this month, the IRS took a similar action to ensure those receiving Social Security retirement or disability benefits, Supplemental Security Income and Railroad Retirement benefits can receive automatic payments of $1,200. While these groups receive Forms 1099, many in this group don’t typically file tax returns. Many people in these groups are expected to see the automatic $1,200 payments later this month, with SSI payments expected to start in early May.

For eligible taxpayers who filed tax returns for 2019 or 2018, they will also receive the payments automatically. About 80 million payments are hitting bank accounts this week.

For benefit recipients with dependents, extra step needed to claim $500 for children; Register now for earlier delivery
The law provides eligible taxpayers with qualifying children under age 17 to receive an extra $500. For taxpayers who filed tax returns in 2018 or 2019, the child payments will be automatic.

However, many benefit recipients typically aren’t required to file tax returns. If they have children who qualify, an extra step is needed to add $500 per child onto their automatic payment of $1,200 if they didn’t file a tax return in 2018 or 2019.

For those who receive these benefits – including VA, Social Security retirement or disability benefits (SSDI), Railroad Retirement benefits or SSI – and have a qualifying child, they can quickly register by visiting “Non-Filers: Enter Payment Info” available only on IRS.gov. For those who can use this tool as soon as possible, they may be able to get earlier delivery of the child payments by having these added to their automatic payments.

By quickly taking steps to enter information on the IRS website about them and their qualifying children, they can receive the $500 per dependent child payment in addition to their $1,200 individual payment. If beneficiaries in these group do not provide their information to the IRS soon, they will receive their $500 per qualifying child at a later date, depending on when they complete the registration process.

The Treasury Department, not the VA, will make these automatic payments.  Recipients will generally receive the automatic payments the way they receive their current benefits.

For more information related to veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA, please visit VA.gov.

Information for recipients using the IRS.gov Non-Filer and Get My Payment tools
We recognize that many non-tax filing beneficiaries have already begun using the “Non-Filers: Enter Payment Info” tool to provide basic personal information to receive their EIP. There will be no interruption to payments being processed using this portal, and Veterans with internet access are encouraged to continue providing information and track their EIP through the “Get My Payment” tool.

General information about the Economic Impact Payments is available on a special section of IRS.gov: https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Watch out for scams related to Economic Impact Payments
The IRS urges taxpayers to be on the lookout for scams related to the Economic Impact Payments. To use the new app or get information, taxpayers should visit IRS.gov. People should watch out for scams using email, phone calls or texts related to the payments. Be careful and cautious: The IRS will not send unsolicited electronic communications asking people to open attachments, visit a website or share personal or financial information. Remember, go directly and solely to IRS.gov for official information.

More information
The IRS has posted frequently asked questions on IRS.gov/coronavirus and will provide more updates as soon as they are available. 

Revenue Procedure 2020-25 provides guidance allowing a taxpayer to change its depreciation under section 168 for certain qualified improvement property. This revenue procedure also allows a taxpayer to make a late election, or to revoke or withdraw an election, under § 168(g)(7), (k)(5), (k)(7) or (k)(10) of the Code for certain years.

Revenue Procedure 2020-25 will be in IRB:  2020-19, dated 5/4/2020.

Revenue Ruling 2020-08 suspends Rev. Rul. 71-533 pending reconsideration of whether the ten-year limitations period provided by section 6511(d)(3)(A) of the Internal Revenue Code applies to claims for refund or credit of an overpayment resulting from a foreign tax credit (FTC) carryback arising as a result of a net operating loss (NOL) carryback from a subsequent year.  As part of this reconsideration, Rev. Rul. 68-150 is also being reconsidered and is suspended with respect to adjustments that arise from a change to the FTC limitation, including as the result of the correction of mathematical errors or the application of an NOL carryback.

It will appear in will be in IRB: 2020-19, dated 05/04/2020.

The IRS is taking steps to help taxpayers, preparers and partners with Economic Impact Payments

To get the word out about Economic Impact Payments, the IRS compiled a variety of information and outreach materials that can be shared with your families, friends, partners and clients, posted to your websites, included in your internal newsletters and employee emails and shared on social media.

The IRS has prepared a special new page devoted to materials that can be shared by anyone. These materials are available at www.irs.gov/EIPpartners.

For other information on COVID-19 issues and the CARES Act, new information appears regularly on IRS.gov/coronavirus, including the latest on Economic Impact Payments (EIP).

Your assistance is vital in helping taxpayers during this critical time, and the IRS appreciates your help and support.

The IRS has posted updated FAQs related to the Temporary procedures to fax certain Forms 1139 and 1045 due to COVID-19

Notice 2020-27 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under 431(c)(6)(E)(ii)(I), as reflected by the application of § 430(h)(2)(C)(iv).  

Notice 2020-27 will be in IRB: 2020-19, dated May 4, 2020.

Revenue Ruling 2020-11 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. 

Revenue Ruling 2020-11 will be in IRB:  2020-19, dated May 4, 2020.

WASHINGTON – The Internal Revenue Service, working in partnership with the Treasury Department and the Social Security Administration, announced today that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments.

SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this group will go out no later than early May.

Moving SSI recipients into the automatic payment category follows weeks of extensive cooperative work between SSA, Treasury, IRS as well as the Bureau of Fiscal Services.

“Since SSI recipients typically aren’t required to file tax returns, the IRS had to work extensively with these other government agencies to determine a way to quickly and accurately deliver Economic Impact Payments to this group,” said IRS Commissioner Chuck Rettig. “Additional programming work remains, but this step simplifies the process for SSI recipients to quickly and easily receive these $1,200 payments automatically. We appreciate the assistance of SSA and the Bureau of Fiscal Services in this effort.”

No action needed by most taxpayers
Earlier this month, the IRS took a similar action to ensure those receiving Social Security retirement or disability benefits and Railroad Retirement benefits can receive automatic payments of $1,200. While these groups receive Forms 1099, many in this group don’t typically file tax returns. People in these groups are expected to see the automatic $1,200 payments later this month.

Eligible taxpayers who filed tax returns for 2019 or 2018 will also receive the payments automatically. About 80 million payments are hitting bank accounts this week.

For benefit recipients with dependents, extra step needed to claim $500 for children
The law provides eligible taxpayers with qualifying children under age 17 to receive an extra $500. For taxpayers who filed tax returns in 2018 or 2019, the child payments will be automatic.

However, many benefit recipients typically aren’t required to file tax returns. If they have children who qualify, an extra step is needed to add $500 per child onto their automatic payment of $1,200 if they didn’t file a tax return in 2018 or 2019.

For those who receive Social Security retirement or disability benefits (SSDI), Railroad Retirement benefits or SSI and have a qualifying child, they can quickly register by visiting special tool available only on IRS.gov and provide their information in the Non-Filers section. By quickly taking steps to enter information on the IRS website about them and their qualifying children, they can receive the $500 per dependent child payment in addition to their $1,200 individual payment. If beneficiaries in these groups do not provide their information to the IRS soon, they will have to wait until later to receive their $500 per qualifying child.

The Treasury Department, not the Social Security Administration, will make these automatic payments to SSI recipients. Recipients will generally receive the automatic payments by direct deposit, Direct Express debit card, or by paper check, just as they would normally receive their SSI benefits.

For those with dependents who use Direct Express debit cards, additional information will be available soon regarding the steps to take on the IRS web site when claiming children under 17.

For information about Social Security retirement, survivors and disability insurance beneficiaries, please visit the SSA website at SSA.gov.

General information about the Economic Impact Payments is available on a special section of IRS.gov.

Watch out for scams related to Economic Impact Payments
The IRS urges taxpayers to be on the lookout for scams related to the Economic Impact Payments. To use the new app or get information, taxpayers should visit IRS.gov. People should watch out for scams using email, phone calls or texts related to the payments. Be careful and cautious: The IRS will not send unsolicited electronic communications asking people to open attachments, visit a website or share personal or financial information. Remember, go directly and solely to IRS.gov for official information.

More information
The IRS will post frequently asked questions on IRS.gov/coronavirus and will provide updates as soon as they are available.