The Internal Revenue Service is giving taxpayers more time until Nov. 21 to register their dependents for the $500 per child Economic Impact Payments provided under the CARES Act.
The IRS said Monday that it’s extending the time to give people who were unable to provide their information earlier. Under the CARES Act that was passed by Congress in March in response to the economic fallout from the novel coronavirus pandemic, the IRS sent out $1,200 to each taxpayer, plus an additional $500 per child. It originally relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.
An estimated 9 million people haven't yet received an Economic Impact Payment. The IRS needs to send out the stimulus by the end of the year. It is extending the timeline for registering until 3:00 p.m. ET on Nov 21. The deadline had been Sept. 30 until the latest extension.
Koonce is the Chief Claims Officer, for Sedgwick. In this role, Koonce is responsible for product development and innovation, industry analysis and thought leadership, best practices and compliance standards, legislative and regulatory relationships, and continued involvement in client programs for Sedgwick's lines of business.
Prior to his current role, Koonce was the Managing Director responsible for Sedgwick's casualty retail business unit in which he oversaw program results and service execution across the company's retail customer base. This included use of innovation and technology to improve client outcomes and customer experience.
Prior to joining Sedgwick, Koonce was senior director of risk management for Walmart Stores, Inc., the nation's largest private sector employer. In this role, he managed the retailer's domestic property and casualty claims program. He simultaneously served as president of Claims Management, Inc., Walmart's wholly owned third party administrator.
David Schwartz is the president and CEO of the Financial International Business
Association, or FIBA, where he promotes growth and advancement in international
banking and finance through education, advocacy and networking. With extensive
experience in international banking and compliance, David has held leadership roles at
institutions like Regions Financial Corporation and Banque Sudameris. Fluent in
multiple languages, he holds a Juris Doctorate from New York Law School and a black
belt in Shuri-Ryu Karate. He also serves on various community boards and actively
contributes to educational and health organizations in South Florida.
Following recent IRS programming updates, anyone who registers using the Non-Filers: Enter Info Here before the 3 p.m. Eastern Nov. 21 extended due date will receive an Economic Impact Payment, if they’re eligible. That includes federal beneficiaries who already received an EIP but didn’t receive a supplemental $500 payment for qualifying children.
The additional time will enable them to enter the information on their qualifying children using the Non-Filers tool on IRS.gov.
Those who are eligible to provide this information include people with qualifying children who receive Social Security retirement, survivor or disability benefits, Supplemental Security Income (SSI), Railroad Retirement benefits and Veterans Affairs Compensation and Pension (C&P) benefits and did not file a tax return in 2018 or 2019.
The IRS is also encouraging anybody who didn’t have a requirement to file a tax return in 2018 or 2019 to register for an Economic Impact Payment by using the Non-Filers tool before the Nov. 21 deadline. The IRS originally didn’t have information on many of these taxpayers, so it was unable to send them the initial round of stimulus payments.
The IRS is encouraging people to choose direct deposit to receive their payments, as it will speed up processing when using the Non-Filers tool. Those who don’t choose this option will get a check in the mail instead. Starting two weeks after they register, people can track the status of their stimulus payments using the Get My Payment tool, accessible from IRS.gov.
