Economic Impact Payments (EIPs) and Recovery Rebate Credit 2020
By Olga Kocybik, CPA, AIWC Dusseldorf
Economic Impact Payments (EIP), also known as stimulus payments or recovery rebates, are payments to eligible taxpayers due to the COVID-19 pandemic. There have been two payments issued:
First EIP: eligible taxpayers that filed either 2018 or 2019 returns automatically received their checks of $1,200 per individual plus $500 for each qualifying child around April-June of...