May 5 Deadline for SSI and VA Beneficiaries

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This “SPECIAL ALERT” may not be applicable to most of your clients, but you may have a friend, family member or other acquaintance who will miss out if they donot take care of this before May 5.

The IRS has issued a “SPECIAL ALERT” for VA and SSI recipients with eligible children. The ALERT states that recipients who did not file a tax return in 2018 or 2019 must update their dependent information with the IRS prior to May 5 in order to receive the full amount of their Economic Impact Payment.  If the IRS does not have the current dependent information, qualified recipients will only receive the $1200 payment and, by law, they will only be able to receive the additional $500 per eligible child will be paid in association with a return filing for tax year 2020. 

IRS Commissioner Chuck Rettig stated, “They’ll (the eligible recipients) get $1,200 automatically, but they need to act quickly and use the Non-Filers tool (https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here) on IRS.gov to get the extra $500 per child added to their payment. Everyone should share this information widely and help others with the Plus $500 Push, so that more Americans get more money as fast as possible.” 

The $1200 payments will automatically be starting soon for those receiving:

  • Social Security Retirement 
  • Survivor or Disability Benefits (SSDI) 
  • Railroad Retirement Benefits 
  • Supplemental Security Income (SSI) 
  • VA Compensation and Pension (C&P) 

May 5 is right around the corner, so share this information. 

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Gary DeHart
Gary DeHart has worked in media for more than 25 years and has been instrumental in developing new revenue streams and business opportunities for the companies he has worked for. Prior to launching Insightful Accountant (formerly Intuitive Accountant), Gary was the Associate Publisher of Accounting Today. Prior to working in media serving the public accounting market, he worked in media for employee benefit managers and brokers, automotive design, textile manufacturing and recreational boating. In addition to being the Publisher and Managing Partner of Insightful Accountant, Gary works with select clients within the accounting market on channel development and growth. He is an Assistant Scoutmaster with the Boy Scouts of America, enjoys fly fishing, time on the beach, cooking on the Big Green Egg and spending time with his family.