The U.S. Treasury Department and Internal Revenue Service have announced that as of today, they will begin delivering a second round of Economic Impact Payments to millions of Americans, "as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021".
In a statement on the IRS's website, dated Dec. 29, they said the initial direct deposit payments could begin arriving "as early as tonight for some," and will continue into next week.
"Paper checks will begin to be mailed tomorrow, Wednesday, Dec. 30," the statement added.
"This second round of payments will provide critical economic support to those who, through no fault of their own, have been adversely impacted by the Covid-19 pandemic."
Treasury Secretary Secretary Steven T. Mnuchin was quoted in the statement as saying that his department was working "with unprecedented speed" to ensure that the second round of Economic Impact Payments (EIPs) reached eligible Americans and their families as quickly as possible.
'Up to US$600 for individuals'
According to the Treasury statement, eligible individuals "will receive an Economic Impact Payment of up to US$600 for individuals or US$1200 for married couples, and up to US$600 for each qualifying child.
"Generally, if you have adjusted gross income for 2019 up to US$75,000 for individuals and up to US$150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment.
"For filers with income above those amounts, the payment amount is reduced.
"This second round of payments will be distributed automatically, with no action required for eligible individuals. If additional legislation is enacted to provide for an increased amount, Economic Impact Payments that have been issued will be topped up as quickly as possible."
The Treasury statement ends by noting that this second round of payments follows on from "the successful delivery of more than US$270bn in CARES Act Economic Impact Payments earlier this year" which it says provided "crucial economic support to nearly 160 million Americans."
Later this week, those taxpayers interested in knowing the status of their EIP will be able to find it out at IRS.gov/GetMyPayment.
More information about the new Economic Impact Payments – including who is eligible to receive them – may be found on the IRS's website by clicking here.
- Richardson, Snyder, Alpert: 'Treasury could also fix CBT'
- Little-known Irving Berlin song celebrates payment of one’s taxes
- New National Taxpayer Advocate is KPMG's Erin Collins
- Judge's decision 'clobbered Treasury/IRS' Monte Silver tells Steve Mnuchin, other Treasury officials
- U.S. Treasury, IRS issues final regs on Base Erosion and Anti-Abuse Tax, Foreign Tax Credits