The IRS has begun sending the third round of Economic Impact Payments (also sometimes referred to as recovery rebates) to eligible taxpayers via direct deposit or paper checks. The IRS calls these payments “EIP 3” and they differ from EIP 1 and EIP 2 in a few respects. For example, the amount of EIP 3 will be larger for most eligible recipients as they’ll get $1,400 per person, including for all dependents claimed on their tax returns. And unlike the first two rounds, EIP 3 isn’t restricted to children under age 17. Eligible families will get payments based on all qualifying dependents claimed on their returns, including college students, adults with disabilities, parents and grandparents. Call or visit our website for more information! www.mjscpa.com/
