In COVID19, TAXES AND PAY

The IRS has reported that the last date to update banking information for direct deposit is May 13th, 2020!!

Here is what you need to know.

When is the last date to update my banking information, and how? 

If you have not received your stimulus payment to date, you need to be aware of a crucial deadline. The IRS has issued a deadline to submit your banking information by noon (Eastern) Wednesday, May 13th, 2020. Taxpayers are encouraged to go to the IRS.gov website and click on “Get My Payment.”   Individuals who do not act by this time will receive a paper check.

Do I need to update my banking information if I usually receive my tax refunds by direct deposit? 

Individuals who have received a tax refund by direct deposit for prior years (2018 or 2019) and received their payments electronically will not have to take action. Therefore these individuals will not need to update their banking information with the IRS unless they have changed banks since they have last filed.  

What if I usually owe and utilize my banking information to pay, do I need to update my banking information? 

If you owed taxes in the previous years and paid using your bank account electronically, you will still need to supply the IRS with your banking information to receive a direct deposit of your economic stimulus. 

IRS News – More Information 

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