As some regions are starting to see the medical fallout of COVID-19 easing, individuals nationwide are also beginning to receive some relief from the government as “Economic Impact Payment” checks have started hitting bank accounts nationwide. If you’re wondering when you might see money from Uncle Sam, the IRS recently launched a website to check the status of your payment. As a reminder, this relief is part of the CARES Act that was signed into effect on March 27.
Going to the website will provide current information on your payment as well as eligibility. You will also be able to check the status of your payment, if you are receiving one, determine if the IRS needs more information from you (like your bank account information for direct deposit), and what type of payment to expect. If you haven’t been required to file taxes in 2018 or 2019, or if you owed taxes, your information may not be on file. Note that the site will not tell you how much money to anticipate, but only whether or not to expect funds. We recommend checking the website to ensure you receive any money owed to you in a timely fashion. We also suggest checking your bank account online to see if the funds have been deposited as expected. The deposit will include “IRS Tax Refund” or an abbreviated version of that in the name.
This period of uncertainty and significant nationwide movement of funds is a prime environment for scammers to plot ways to cheat you out of your money. The Economic Impact Payment checks will be deposited in your bank from the IRS. Any emails, phone calls, or letters claiming to be from the IRS or related to “stimulus checks” should raise a red flag—the proper term is “Economic Impact Payment,” and the IRS will not be contacting you to verify information prior to issuing payment. You should, however, expect to receive a confirmation notice in the mail about 15 days after your payment is processed; if you receive a letter but haven’t seen funds, follow the instructions to notify the proper authorities. If you believe you have been the target of a phishing scam, you can notify the IRS directly by sending an email to phishing@irs.gov.
Please visit www.fosterandmotley.com for more financial resources to help you navigate these difficult times.