April 22, 2020
The Treasury Department and IRS are partnering with the U.S. Department of Veterans Affairs to deliver economic impact payments automatically to veterans and their beneficiaries, without filling out extra forms. The stimulus payments will automatically go to veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from the VA, even if they haven’t filed their taxes recently.
People who receive Supplemental Security Income (SSI) will automatically get economic impact payments from the federal government as well. The IRS, Treasury Department, and Social Security Administration said the economic impact payments will go directly to the SSI recipients’ bank accounts through direct deposit, Direct Express debit card, or by paper check. The method used will depend on how the individual currently receives their SSI benefits. The Treasury anticipates SSI recipients will receive these automatic payments in early May.
SSI recipients with no qualifying children do not need to take any action in order to receive their $1,200 economic impact payment. Recipients with qualifying children who have not filed a tax return should use the
Non-Filers: Enter Payment web portal
to enter basic information to receive their payments. Recipients will receive the $500 per dependent child payment in addition to their $1,200 individual payment.
If SSI beneficiaries in this group do not provide their information to the IRS soon, they will have to wait until later to receive their $500 per qualifying child. Additional information will be available soon for SSI recipients with dependents who use Direct Express debit cards. Visit
IRS.gov
for more information.
The Social Security Administration will not consider Economic Impact Payments as income for SSI recipients, and the payments are excluded from resources for 12 months.
We will share more details as they become available. Please visit our
COVID-19 Resource Page
for more updates.
Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at
Richard.Higgins@MCC-CPAs.com
. I can be reached at
Marty.McCarthy@MCC-CPAs.com
. As always, we are happy to help.
Stay safe,
Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
