Tell Me if You’ve Heard it Before, but The Check’s in the Mail
If you are expecting a stimulus relief check or deposit and have not received it, you are not alone. What you may find more helpful to know though, is what to expect and how you may be able to get your relief money deposited sooner. To begin, most of those eligible to receive a payment who had direct deposit banking information on file with the IRS, as a result of their 2018 or 2019 tax return, have already received their “Economic Impact Payment” by direct deposit. Those whose tax returns for either of the last two years did not provide IRS with direct deposit banking information, however, may be waiting months for IRS to mail them a paper check.
Alternatively, the IRS has established an online portal and a “Get my Payment” tool with which you may track the status of your payment. The tool also allows you to provide IRS with banking information to be used for a direct deposit. If a paper check has not yet been processed, and you provide the banking information, you will likely receive payment by direct deposit sooner than if you elect to wait for the check in the mail. Using the tool is a choice you can make, and it will require that you provide your address and social security number, so be sure you are on the authorized IRS website before providing any information. For its part, the IRS will never initiate a request for personal information by e-mail, social media, text message or telephone. Scammers thrive in times of uncertainty, and if you did not initiate the online process directly with the IRS through the designated portal, you should not provide any personal information.
At LaMonaca Law, we have always worked hand-in-hand with our clients and now, by way of our Virtual LaMonaca Law presence, we still do, virtually. We make sure our clients, and everyone who turns to us for help, understand the stimulus relief package and position themselves to get the greatest advantage from its implementation.
This space will present additional information about the stimulus checks and other aspects of the government’s economic relief measures in the coming days. We invite and appreciate your attention to these posts. If you have any questions about the new laws and the relief available, the checks being distributed, IRA withdrawals, or any other measure that might provide you benefits, or if you simply need to talk about any aspect of your family’s financial circumstances, please call for a member of our Forensic Support Team at 610-892-3877. www.LaMonacaLaw.com .