Browsing: Economic impact payments

Newsbytes

As Congress today passed the $1.9 trillion COVID-19 relief bill—which includes an additional round of economic impact payments for eligible taxpayers—ABA joined a coalition of financial and consumer advocacy groups urging Treasury Secretary Janet Yellen to support standalone legislation to ensure that these payments are shielded from assignment and garnishment.

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As Congress prepares to pass the $1.9 trillion COVID-19 relief bill—which includes another round of $1,400 economic impact payments—the American Bankers Association joined a coalition of financial and consumer groups urging lawmakers to shield these EIPs from assignment and garnishment. In a letter to House and Senate leaders, the groups emphasized that absent immediate legislation, banks and other financial institutions are legally required to comply with court orders.

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As Congress considers an additional COVID-19 rescue bill, ABA today joined a coalition of 17 other financial trade groups calling on lawmakers to include language in the bill to ensure that any economic impact payments will be protected from assignment or garnishment.

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As lawmakers consider a new round of direct payments as part of a new COVID-19 relief package, the American Bankers Association and six other financial trade associations offered recommendations to the Treasury Department for improving the economic impact payments process.

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As the Internal Revenue Service continues to address the error that caused millions of economic impact payments to be incorrectly routed to temporary or incorrect bank accounts, the IRS today said that, together with tax industry partners, it is “taking immediate steps to redirect stimulus payments to the correct account for those affected.”

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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.