The IRS announced plans to issue automatic payments to eligible taxpayers who didn’t claim the Recovery Rebate Credit on their 2021 tax returns. IRS data showed that many taxpayers filed a return but didn’t claim the credit. The Recovery Rebate Credit is a refundable credit for taxpayers who didn’t receive one or more Economic Impact Payments. No action is needed for eligible taxpayers to receive these payments, which will go out automatically in December and should arrive in most cases by late January 2025. The payments will be direct deposited or sent by paper check. Eligible taxpayers will also receive a separate letter notifying them of the payments. Contact us with questions.
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