Claiming the Advance Tax Credit

02/04/2021

Claiming the Advance Tax Credit image

Dear Clients,

The CARES Act, which was passed into law to help stimulate the economy, authorized 2 rounds of stimulus payments (also known as Economic Impact Payments or EIPs) that were issued to many taxpayers.  These payments are treated as advance tax credits against your 2020 income taxes.  For this reason, in order to avoid potential errors when claiming the advance tax credit, it’s imperative that we know the amount of stimulus payments you received. Not having this accurate information will result in subsequent and preventable correspondence from the IRS.  This is where we need your help. 

Recipients of these economic impact payments should have received an IRS Notice 1444, notifying them of the amount of payment(s) they should have received.  If you haven’t already, please forward this notice to our office as we will need it in order to complete your 2020 return.  If you do not recall receiving this notice, or did not keep it for your records, we ask that you go to the following website.

https://www.irs.gov/coronavirus/economic-impact-payments

Please do the following:

  • Log in via the “Get My Payment” link. 
  • When prompted please enter your social security number, date of birth, and street address reported on your 2018 or 2019 return.
  • Once you get through the login, the status of your EIP(s) will appear.  If payment was made it will indicate date paid and bank account details. 
  • Please review your bank account activity for referenced payment.  When you locate the EIP deposit, please print out or screenshot the information and upload to your secure client portal.

Click Here to Upload:  https://secure.netlinksolution.com/nextgen/?firm=422455

No one wants a follow-up letter from the IRS proposing changes to their tax return, and this is clearly what we are hoping to avoid.  Thank you in advance for your assistance with this matter. Need assistance? Call us today at 808.529.9990!

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