Even though the IRS has been distributing Economic Impact Payments since April 2020 there are still an estimated 12 million individuals who may qualify for a payment who have yet to apply for it because they have not filed taxes. There are a number of reasons that this may be happening from income levels below the filing requirement, to gig workers, to independent student status, or even homelessness.
The Consumer Finance Protection Bureau and the IRS are working diligently to reach these potentially eligible recipients before the October 15th deadline to file for EIP. The CFPB states, “The estimated 12 million people have common characteristics such as being SNAP or Medicaid recipients, homeless, lacking access to technology, and/or having limited English proficiency and literacy. They may also be unbanked or underbanked or more generally disconnected from financial products and government institutions. They may also not realize they are eligible to receive an EIP.”
The IRS has created a toolkit to help in reaching these individuals who may be living in the margins and unaware of their eligibility for EIP payments. The toolkit can be found here: IRS toolkit. If you or someone you know may qualify for EIP payments, but did not file taxes, please feel free to contact our office to assist you in navigating your options prior to the OCT 15th, 2020 deadline.
Photo Credit: https://www.irs.gov/pub/image/checkpayment.jpg