TSCPA News

IRS Publishes FAQs on CARES Act Economic Impact Payments

April 17, 2020

The IRS has begun automatically sending Economic Impact Payments authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to millions of Americans. However, the IRS has received many questions about the payments regarding issues such as determining eligibility, calculating the amount one is expected to receive and the payment process.

One of the most frequently asked questions is regarding taxation of the payments. The IRS states that the Economic Impact Payment is not taxable and will not affect other federal payment programs such as SSI or SSDI.

The IRS offers more information on this and other issues on its Economic Impact Payments FAQ page on IRS.gov. The questions and answers will continue to be updated periodically.