The IRS has been warning taxpayers about an increase in calls and email phishing scams aimed at the incoming coronavirus-relief economic impact payments, also known as stimulus payments or rebates. Key information to keep in mind is that the IRS will not call, mail, email, text, or post to social media or other websites asking for more information to help taxpayers get their economic impact payments or refunds faster. Most eligible taxpayers will get their payments one of three ways:

1. It will be deposited directly into the bank account listed on your last tax return.

2. If there is no direct deposit account on file, you will receive a check in the mail.

3. In mid-April, the Treasury plans to launch a new web-based portal where you can enter your current direct deposit information if that information was not available on your last tax return. This is only needed for those who would rather receive their economic impact payment via direct deposit versus waiting for the check to arrive in the mail.

No action is needed to receive an economic impact payment if you are eligible. 

Again, no one from the IRS will reach out by phone, mail, email, text, or in person to collect any information regarding this payment, and individuals should never give direct deposit information to anyone to be entered on their behalf.

Find more information in IRS releases on the payments and related scams.

Contact

Patrick Duffany, JD, CPA, Managing Partner, Tax

959.200.7270

Brian Newman, CPA, Partner, Practice Leader, Federal Tax Services

959.200.7009

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