It is without a doubt that 2022 was a difficult year for residents across the United States of America. A crisis that resulted from two years of enforced lockdowns due to the pandemic, followed by the sanctions imposed on Russian oil imports made American lives hard.
A crisis that resulted from two years of enforced lockdowns due to the pandemic, followed by the sanctions imposed on Russian oil imports made American lives hard. (Photo: Marca)
Is IRS Still Going to Send Stimulus Check Payments for 2023?
The Federal Reserve already created ways to stymy the rapidly growing inflation rate to a point that they gradually increased interest rates, residents were also still relying on a host of state-executed welfare measures, either through the form of stimulus checks or tax rebates.
However, the department of Internal Revenue Services (IRS) with 2023 fast approaching, has stated that they will not be issuing any further stimulus checks from their end. This means that American citizens across the country should brace for a tough financial year ahead.
A crisis that resulted from two years of enforced lockdowns due to the pandemic, followed by the sanctions imposed on Russian oil imports made American lives hard. (Photo: Marca)
What Did The IRS Say About 2023 Stimulus Checks?
The IRS sent out a bulletin on November 22, 2022 with people starting to wonder what support might be coming their way for 2023. This would be addressing the impact of the absence of stimulus checks on the current tax year.
The memo stated that refunds may be smaller in 2023 and that taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022 says Marca.
What Does The IRS’ Statement Mean For You?
The IRS memo clearly states that people should not depend on tax rebates to help them procure basic necessities such as groceries. As Covid-19 becomes a thing of the past, the absence of stimulus checks will be a problem going forward. Families will also no longer have the expanded benefits of welfare schemes such as the parent/Child Tax Credit that was available in 2021.
This time last year, those who hadn’t claimed such benefits already were able to do so when filing their tax returns, but it won’t be the same this time around.
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