Nearly 14 million taxpayers to receive funds.
The Department of the Treasury announced on Thursday that the Internal Revenue Service (IRS) would be returning over $12 million of owed interest payments to taxpayers who filed on or before July 15th of this year. On average, each person owed will receive $18. 13.9 million taxpayers qualify for these payments if they filed their 2019 return on time.
The IRS will be direct depositing the funds if they have the information from taxpayers. Those who do not qualify for direct deposit will receive their interest return in the form of a check. Due to COVID-19 postponement of tax filing, non-returned funds are required by law to be returned with interest. Interest received from the government will also be subjected to tax for the 2020 return.
Those who filed their returns by April 15th are not eligible to receive interest.
As the Lord Leads, Pray with Us…
- That God would use the IRS to help provide for a strong national economy
- For the Trump Administration to work hard to bring relief to those affected by the pandemic.
- For God to guide Treasury Secretary Mnuchin to be a wise leader of the Department.
Sources: IRS, USA Today, AP
