The federal government of the United States of America has decided to not give any additional stimulus checks. On the other hand, several US states have stepped up and announced further relief payments to their residents in times of financial crisis and inflation. The IRS has also been circulating new news regarding tax refunds in the year 2023. They have been telling citizens that their refunds might be smaller in amount comparatively. In addition, taxpayers should not expect any additional stimulus checks in the form of a tax refund. The main reason is the lack of Impact Economic Payments in 2022. Moreover, the taxpayers will also no longer gain any benefits from their charitable contributions.
Small Tax Refund As Stimulus Check
Previously, the IRS had given Americans several credits and benefits so they don’t have to struggle against the COVID-19 economic effects. However, those credits given to people have now expired and are likely to affect their taxes.
IRS has further circulated a notice that is giving a warning to people against any expectation of benefits in the form of tax refunds. Citizens might be expecting some refund but unfortunately, they will have to find other ways to manage their expenses.
No Benefits Or Credits To Americans
The Tax Credit for Children has also expired. Children getting a boosted $3,600 will not receive that amount any longer. They will receive the pre-pandemic amount of $2,000. Additionally, eligible people receiving relief payments will be disappointed to not get that financial assistance anymore.
Furthermore, businesses and individuals who have successfully filed 2020 and 2019 taxes prior to 20th September 2022 will not be getting any penalty payment. On the other hand, others will be receiving penalties that they must pay within the stipulated time mentioned by the IRS.
