Stimulus checks for $ 1,400 have already begun to be deposited into beneficiaries’ bank accounts.
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The Internal Revenue Service (IRS) confirmed through a statement on its website this Friday that some Stimulus checks of $ 1,400 have already started pouring into bank accounts of taxpayers after signing the presidente Joe Biden al “American Rescue Plan” which includes that and other aid for coronavirus.
According to the agency, which together with the Treasury Department leads the distribution efforts of the third round of checks, most of the payments that will be processed in the first days will be electronic transfers.
“After the approval of the American Rescue Plan Act, the first part of the payments will be sent by direct deposit, and some recipients will begin to receive them as of this weekend, and others will receive it next week,” said the agency in a press entry on IRS.gov.
Starting Monday, the IRS will also be processing payments in the form of paper checks or prepaid debit card (EIP Card).
Additional payments will be sent in the coming weeks by direct deposit and by mail as a check or debit card. The vast majority of these payments will be made by direct deposit, “added the office through the written statement.
The agency did not specify the exact number of payments it expects to process in the first distribution phase.
The IRS, however, clarified that in some cases, Americans will view direct deposit payments as pending or interim payments on their accounts prior to the official payment date of March 17.
IRS Commissioner Chuck Rettig, said that although the entity is processing refunds of the tax returns submitted this year, most of the so-called “Economic Impact Payments” of the third round will automatically reach the beneficiaries without the need for additional paperwork.
“Even though tax season is in full swing, IRS employees were again working around the clock to quickly provide help to millions of Americans struggling to cope with this historic pandemic,” Rettig said. ”Payments they will automatically be released to taxpayers even as the IRS continues to provide regular tax refunds. We urge people to visit IRS.gov for the latest details on stimulus payments, other new tax law provisions, and tax season updates, ”the official said.
The IRS will re-enable the “Get My Payment” tool so Americans can track the status of their stimulus check online.
The new $ 1.9 billion law passed in federal Congress provides for stimulus checks of $ 1,400 and the same amount for each dependent regardless of age.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.