As required by the CARES Act, the IRS initiated a public awareness campaign last year to inform taxpayers about the availability of Economic Impact Payments (EIPs). The Treasury Inspector General for Tax Administration (TIGTA) has released an assessment of the IRS’s EIP performance. According to the audit, as of Dec. 31, 2020, IRS had issued 168.2 million EIPs totaling $280 billion. A review of EIPs issued as of May 21, 2020, found that IRS correctly computed 98% of these payments. On the downside, as of July 16, 2020, the IRS issued some $5.5 billion to potentially ineligible individuals including deceased individuals and nonqualified dependents. To read the audit: https://bit.ly/2TzjFfM Call or visit our website for more information! www.mjscpa.com/
