On March 27, 2020, the President signed the CARES Act to provide Economic Impact Payments (stimulus payments) to individuals, businesses, state and local governments and more.
We recognize that many of our customers are in need of this economic relief at this time and we understand that there may be questions about the implementation of this important program. With this in mind, please see answers to some frequently asked questions below.
Additional information can be found at www.irs.gov/coronavirus/get-my-payment, or you can always contact our customer service team at 1-888-378-3886.
Q: Do I need to take action to receive my stimulus payment?
According to the IRS, no additional action is needed by taxpayers who have filed their tax returns for 2019 and/or 2018. World Finance recommends all consumers confirm or update their bank information in the IRS portal at www.irs.gov/coronavirus/get-my-payment.
Certain individuals who aren’t typically required to file a tax return may need to provide some additional information to receive their payment. To see if you are one of these individuals and provide necessary information, visit https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here.
Q: How much money am I eligible for?
Stimulus payments range based on adjusted gross income, marital status, and qualifying children. To learn more visit https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions.
Q: I used World Finance for tax preparation services in 2018 and/or 2019. Will World Finance receive my stimulus payment?
No. World Finance will not receive any stimulus payments for customers. The IRS has stated that it intends for stimulus payments to be distributed directly to taxpayers, not to tax preparation companies or refund transfer banks (which facilitate the processing of tax refunds for companies like World Finance).
We recommend consumers update their bank information via the IRS portal at www.irs.gov/coronavirus/get-my-payment.
Q: What should I do if World’s refund transfer bank, Santa Barbara TPG, receives my check?
Like many tax preparation companies, World Finance works with Santa Barbara TPG (TPG) to facilitate the processing of tax refunds. We have been informed that there have been some rare instances where the IRS erroneously sent funds to TPG instead of directly to taxpayers.
We have been in close communication with TPG regarding this issue. According to TPG, the bank has a plan in place to help identify and expedite the return of these payments immediately to the IRS so that the IRS can reissue payments via mail directly to the affected taxpayers as soon as possible. To learn more, visit https://www.sbtpg.com/coronavirus-stimulus-payment-info/.
We also recommend all consumers update their bank information in the IRS portal at www.irs.gov/coronavirus/get-my-payment.
Q: I have another question that wasn’t answered here. Where can I learn more?
The IRS provides answers to frequently asked questions about eligibility, payment status, bank account information, address changes and more at: https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions.
For general information about stimulus payments, visit https://www.irs.gov/coronavirus/get-my-payment.