IRS Addresses EIP Processing Issue in Updated FAQs  

The Internal Revenue Service tonight clarified that economic impact payment recipients who had their ACH payments erroneously sent to an account that is closed, inactive or a temporary account, will not receive their payment and must instead claim the Recovery Rebate Credit when filing their 2020 tax return electronically.

In an updated set of frequently asked questions, the IRS noted that eligible EIP recipients can check the status of their payment on the IRS’ Get My Payment tool, which was updated as of Jan. 5. Individuals whose payments were sent to the wrong account will see “Payment Status #2—Not Available.”