U.S. Treasury officials report that nearly 70% of $1.6 billion in Economic Impact Payments (EIPs) that were sent to deceased people has now been recovered, according to the General Accountability Office (GAO). However, the GAO stated it “was unable to verify that amount” at this time. In a June report about the federal response and recovery efforts to COVID-19, the GAO stated that as of April 30, almost 1.1 million payments had gone to people who died. Since then, the IRS has issued instructions notifying ineligible recipients how to return payments. Approximately 160.4 million EIPs, worth $269.3 billion, were sent to individuals to help mitigate the financial effects of the pandemic. Call or visit our website for more information! www.mjscpa.com/news/
