Ariel Katz
Grant Thornton Israel

IRS: ‘We still have payments that can be sent out’

Payments are Available to US Citizens - Grant Thornton Stock Photo

If you still haven’t received your $1,200 check and you think you are eligible, contact us for assistance before it is too late

The commissioner of the Internal Revenue Service has commented that there is an estimated 9 million people who still haven’t collected the first economic impact payment, which may be their one and only chance for corona virus-related relief funds.

US citizens who don’t normally file a tax return or don’t receive certain federal benefits have until Oct. 15 to submit a request for assistance if they want to receive $1,200 in aid for individuals and $2,400 for married couples by the end of the year. Many might also be entitled to an additional $500 payment for each dependent child who was under 17 at the end of 2019. You don’t need earned income or a job to qualify for a stimulus payment.

The Economic Impact Payment is an advance credit for 2020. Under the Cares Act, the payments must be made by Dec. 31. If people don’t receive the money by year’s end, they still have an opportunity to get the stimulus funds. However, they’ll have to file a 2020 federal return in 2021.

The IRS has stumbled badly with the distribution of payments to parents who have dependent children.   If they don’t normally file a federal return, because of low earnings, the IRS doesn’t know if they have children who qualify them for the $500 stimulus payment. Only through a formal request to the IRS can stimulus benefits be obtained for dependent children.

Our office, Grant Thornton Israel, can explain the Economic Impact Payment program to you and provide you with assistance to obtain the federal payments.  Please contact us directly at ariel.katz@il.gt.com or 03-710-6644.

About the Author
Ariel Katz CPA is an expert in United States taxation and accounting at Grant Thornton Israel. Mr. Katz focuses on individual, corporate, and non-profit companies, and advises many companies in the area of tax structuring and planning. Mr. Katz is highly involved in academic teaching and professional training. He conducts various activities, including: Senior lecturer in the accounting department in the field of corporate taxation and partnership taxation at the College of Management Academic College. His hobbies include learning Torah, chess, bicycle riding, and running.
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