2021 Economic Impact Payments

2021 Economic Impact Payments

March 17, 2021

As part of the 2021 American Rescue Plan Act, third-round economic impact payments, or stimulus checks, were authorized for millions of eligible Americans. These payments have now started reaching bank accounts via direct deposit, with additional batches being sent through the mail as a check or debit card in the coming weeks. As with the first two Economic Impact Payments in 2020, most Americans will receive their money without having to take any action.

How to Check Your Third Round Payment Status

If you have not yet received your payment, you can check your payment status by visiting IRS.gov and selecting Get My Payment. Although the Get My Payment tool was previously used to view the status of first and second-round stimulus payments, it is now ONLY available for third-round payments.

If Your Direct Deposit Bank Account Has Changed

At this time, it does not appear that you will able to enter new or updated bank account information for direct deposit using the IRS website. A payment sent via direct deposit to an incorrect bank account will be sent back to the IRS, and the agency will then mail a check. In this case, it will take additional time for your payment to be received.

How to Review Your First and Second Round Payment Information

Information on first and second-round payments can be found by viewing or creating an Online Account with the IRS. Through your Online Account, you can view your stimulus payment amounts, payment dates, and payment methods. Please be aware that this information will be needed in order to file your 2020 income tax returns. To view or create your Online Account, please click here.

If You Were Eligible but did not Receive First or Second-Round Payment (full or partial)

Those who were eligible but did not receive the first or second-round stimulus payment may be able to initiate a payment trace with the IRS. For additional information on payment trace, please click here. The payment trace process can take up to eight weeks. In the meantime, you can still file your 2020 tax return without including the missing credit.

Those who were eligible but did not receive the full amount of the first or second round stimulus payment may be eligible to claim the 2020 Recovery Rebate Credit. This credit can only be claimed by filing a 2020 tax return, even if you don’t normally file.

Where to Find Additional Information

The IRS has prepared additional information on the third round of Economic Impact Payments and how they differ from previous payments in 2020. To review a list of answers to some common questions about this set of stimulus payments, please click here.

Should you have any questions on what stimulus payment information is needed in order to file your income tax return, please reach out to your HBE advisor. As always, we are here to help.

This communication and any applicable contents pertaining to COVID-19 employer relief provisions is based on our professional judgment given the facts provided to us and the COVID-19 employer relief provisions guidance as of the date of the communication. Subsequent developments changing the facts provided to us, or differences in the final guidance and regulations once they are issued, may affect the advice provided. These effects may be material.