“The timing may be more challenging this time around, but the IRS could probably start getting the money out in January,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.
In March, Congress provided individuals with $ 1,200 direct payments and couples $ 2,400 plus $ 500 per child under the $ 2 billion CARES law.
As with the first round, new payments will begin to decline for individuals with adjusted gross incomes in excess of $ 75,000, and those earning more than $ 99,000 will receive nothing. The income thresholds will be doubled for couples.
Who gets the money the fastest
The payments do not all go out at once. Those whose banking information is will probably first get the money on file with the IRS, as it will be deposited directly into their account. Others will receive paper checks or prepaid debit cards by mail.
IRS under pressure
Additional checks may be delayed the start of the 2020 tax filing season.
A second stimulus test means the agency has to change the tax return forms, some of which have already been sent to the printers.
December is not an ideal time to increase the IRS’s workload. This is usually the month in which preparations are made for the upcoming submission season and due to the holidays, more staff may be on leave than usual.
“I believe the IRS will deliver the stimulus checks on time. It may come at the expense of the start date of the filing season,” said Chad Hooper, executive director of the Association of Professional Managers. union IRS workers.
This story has been updated with details on the Covid-19 funding and government funding bill signed by President Trump on Sunday.