The IRS began issuing the third wave of Economic Impact Payments (EIPs) on March 12, 2021. According to the IRS, the American Rescue Plan disbursed approximately 90 million EIPs. All those who received their payment via direct deposit will have access to these funds. Millions of Americans can expect to see theirs in the coming weeks.
According to the IRS, the first batch primarily went to the taxpayers who provided direct deposit information on their returns. This includes people who don’t typically file returns but successfully used the Non-Filers tool last year. The 90 million payments are valued at more than $242 billion. Direct deposits have streamlined the delivery of the payments, but taxpayers may still receive theirs in the form of a check or card. Additional batches are still expected to be sent out in the coming weeks, and there is no action required by most taxpayers to receive them.
If you want a knowledgeable CPA to help with your 2020 taxes, please contact Lakeesha V. Browne, CPA.
“IRS, Treasury Disbursed 90 Million Economic Impact Payments from the American Rescue Plan.” IRS, 17 Mar. 2021, https://www.irs.gov/newsroom/irs-treasury-disbursed-90-million-economic-impact-payments-from-the-american-rescue-plan