Working with Jerry has literally taken a load off my back. He explains what you can and cannot do with clarity and makes “year end” a painless concept and not the nightmare we are all expecting to face. Jerry truly listens to our problems and concerns and customizes a product to our needs. He has put us “in control” of our business. You can’t go wrong when Jerry has your back!
Shirley & Jack S., Owner, Apex Grading
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What people really want to know about Economic Impact Payments

economic impact coronavirus

IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. 

Is this payment considered taxable income?

No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs.

Can people who receive a Form SSA-1099 or RRB-1099 use Get My Payment to check their payment status?

Yes, they will be able to use Get My Payment to check the status of their payment after verifying their identity by answering the required security questions.

If someone’s bank account information has changed since they filed their last tax return, can they update it using Get My Payment?

To help protect against potential fraud, the tool also does not allow people to change direct deposit bank account information already on file with the IRS.

If the IRS issues a direct deposit based on the account information that the taxpayer provided on their tax return and the bank information is now invalid or the account has been closed, the bank will reject the deposit. The agency will then mail payment as soon as possible to the address they have on file. Get My Payment will be updated to reflect the date a payment will be mailed. It will take up to 14 days to receive the payment, standard mailing time.

Where can people get more information?

Taxpayers who are required to file a tax return, can go to IRS Free File to file electronically. If they aren’t required to file, they should go to the Non-Filers: Enter Payment Info Here tool and submit their information to receive an Economic Impact Payment.

For the complete lists of FAQs, visit the Economic Impact Payment and the Get My Payment tool pages on IRS.gov. The IRS updates these FAQs regularly.

The IRS encourages people to share this information with family and friends.


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Member of AICPA, Member of CA Society of CPA's, Member of NV Society of CPA's and Member of Certified Fraud Examiners Association


A Professional Corporation
4600 Kietzke Ln, Suite E-148
Reno, NV 89502
Jerry Jones, CPA
The "Tax Planning" CPA
775.828.0767
fax 775.348.9518
jerry@thetaxplanningcpa.com