If you are someone who qualified for the second round of stimulus checks, there is a good chance that you depended on that check to help pay rent, pay for groceries, or otherwise. Unfortunately, many individuals who were expecting to see their second stimulus payments through direct deposit were informed that they will not receive their stimulus check until they file their 2020 tax returns. This is because initially, the first round of payments was sent to various inactive/closed accounts, which caused a great deal of confusion. For many, hearing this about the second round of payments was extremely unwelcome news, however, now, the IRS is stating that it will remedy the issue.
Essentially, the White House Ways and Means Committee recently released a statement, containing the following: “Initially people in this situation who checked the Get My Payment tool either saw a deposit into a temporary or unfamiliar bank account or received a `Payment Status Not Available’ message. The IRS initially told people in this situation that they would have to wait and claim the payment on their tax returns this year, but now the IRS has developed a solution that will help most impacted Americans receive deposits into their accounts much quicker.”
Fortunately, now, the IRS has come up with a solution that essentially allows financial institutions to accept the deposits into temporary accounts and transfer them to the taxpayers. Unfortunately, this will not fix all situations, however, it will improve the likelihood of many individuals receiving their stimulus payment sooner, rather than later.
That being said, you should understand what you can do if you do not receive your stimulus payment. If you do not receive the payment, you can claim the payment on your tax return with a credit known as the Recovery Rebate Credit. Once you do, you should receive the payment in your tax refund. If you have any additional questions or you are facing serious financial issues, please do not hesitate to speak with our experienced Rockland County bankruptcy and foreclosure defense attorney. Our firm is here to help you through this difficult time.
Contact our experienced New York firm
Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.