Economic Impact Payment (EIP)
- Wage workers
- Non-filers
- Small businesses
- Catch-up payments
- Spouse Catch-up payments – some spouses’ EIP was diverted to pay their spouse’s past due child support. In September 2020, the IRS automatically issued an EIP to the spouse whose payment was diverted. The EIP was mailed to eligible spouses who submitted Form 8379, Injured Spouse Allocation with their 2019 federal tax return, or in some cases 2018 tax return. Spouses who did not include Form 8379 with their tax return, should have received their EIP at a later date. You can check the status of your EIP by using the “Get My Payment Tool” on IRS.gov.
Unemployment Compensation
Interest received on Late Tax Refunds
The regular April 15 due date for filing federal income tax returns was postponed to July 15, 2020 because the Corona Virus was declared a Federal Disaster. Due to this extension, the IRS is required to pay interest on tax refunds for tax returns filed by July 15, 2015. The interest payment will be issued separately from the tax refund – if your refund was paid to you by direct deposit your interest payment will also be made by direct deposit. The interest is taxable as interest income on your 2020 federal tax return, therefore the IRS will issue Form 1099-INT to persons who received interest on their extended tax return.
Note: Business entities are not eligible to receive overpayment interest.
2020 Tax Returns
- Due Date
- Information reporting statements
- Returns
- Forms
- Publications
Private Debt Collection
The IRS began a new “Private Debt Collection Program” which has four new contractors who will implement it – CBE Group of Cedar Falls, Iowa; Conserve of Fairport, New York; Perfomant of Livermore, California; and Pioneer of Horseheads, New York. A taxpayer’s account will be assigned to only one contractor. The IRS will notify a taxpayer before transferring their account via a letter along with Publication 4518, What You Can Expect When the IRS Assigns Your Account to a private collection agency.