Internal Revenue Service (IRS)

IRS & Treasury deliver 2m more Economic Impact Payments

The payment scheme comes under the the American Rescue Plan as part of the government's pandemic stimulus package

The Internal Revenue Service (IRS) and the Treasury has announced they have delivered nearly 2 million payments in the fifth batch of Economic Impact Payments.

Currently approximately 159 million payments, with a total value of more than $37bn, have been rolled out to Americans under the American Rescue Plan as part of the government’s stimulus package.

Some 95% of all Social Security beneficiaries have been paid electronically during this round of payments, compared to 70% in the first round and 72% in the second round.

In a statement, the IRS said: “Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit.

“Filing a 2020 tax return will also assist the IRS in determining whether someone is eligible for an advance payment of the 2021 Child Tax Credit, which will begin to be disbursed this summer.”

 

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