COVID-19 Economic Impact Payment: Recipients of Supplemental Security Income (SSI) to automatically receive their Payments
Yesterday, the IRS in conjunction with the Treasury Department and the Social Security Administration, announced that recipients of Supplemental Security Income (SSI) will automatically receive their Economic Impact Payments.
With this announcement, the IRS has quashed many rumors and doubts that this group was going to be left out. When other citizens are receiving their portion of the economic impact payment. However, there is a slight difference in the timeline to the rest of the taxpayers. The SSI recipients will start receiving their payments no later than early May 2020.
This decision came on the back of weeks of discussion between the IRS, Treasury, and the SSA. This special group existed because they naturally do not have to file for taxes meaning that the IRS wasn’t going to have their banking details readily available.
What else is there to know about this development?
- SSI recipients do not have to do anything, nor do they have to provide any additional information to receive their payments
- If they also have qualifying children (those under 17), they too can quickly apply for them to get their $500 payments using a special tool designed for this purpose on the IRS website.
As we receive this good development from the IRS, the Treasury, and the SSA. We still urge tax practitioners and those who can assist our elderly pensioners. By claiming their economic impact payment to exercise caution. As it is, many scammers are out here looking for those they may defraud of their payment. Having said that, we are open to give any tax-related advice to individuals and small businesses. Schedule a quick tax chat with us to learn more about our services. See below…
Ps: If you have a question about what is happening and what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with your Dave Ramsey Endorsed Tax Accountant.
