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Rebate Recovery Credit

2021 – 02/10 More than 109,000 IRS notices were sent in error in January 2021, according to the National Tax Advocate (NTA). The notices (CP21C Letters) advised recipients who hadn’t received the first Economic Impact Payments (EIPs) that their payments had been applied to offset tax they owed from a prior year. The notices “are not accurate for anyone who received them. Since no payment was issued, no offset occurred,” stated the NTA, and the notices should be disregarded. According to the NTA, this means that eligible taxpayers who didn’t receive the first EIP can claim it on their 2020 tax returns through a “rebate recovery credit.” Read the NTA’s message: https://bit.ly/3rALakM

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