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Stimulus Checks

Latest News On American Stimulus Checks And Economic Relief

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Stimulus Check

The year 2021 is drawing to an end. With the outbreak of the Omicron variant of the COVID-19 virus in America citizens are asking what they may expect in terms of stimulus checks and financial aid next year. Let’s take a look at the latest developments in this regard.

Although it is a real possibility that the stimulus checks that have been issued by the federal government may come to an end by December 28 – many groups are still lobbying for further stimulus checks to be issued. This is because of the feared devastating result the Omicron variant of COVID-19 will have on the economic situation for middle to lower-income Americans and American households.

No More Stimulus Checks?

While the variant runs rampant in the U.S, many U.S citizens are being laid off. Furthermore, it does not seem realistic that the federal government will be issuing any further stimulus checks next year. As such, such Americans might have to cope in the current social-economic environment without any aid or relief from the federal government. Furthermore, according to As.com, such unemployed Americans will: “not even have unemployment programs or eviction moratoriums to protect them from losing their houses and falling into poverty.”

To make matters worse according to As.com it seems that the last of the child tax credit payment was the December 15, 2021 stimulus check. Right now, with the failure of President Joe Biden’s administration to get his Build Back Better bill passed, it does not look like there will be any child tax credit stimulus checks or payments issued in January of 2022.

A Synopsis Of The Future

Unfortunately, many American families are feeling the effects of a rise in inflation and living costs.  Furthermore, a rise in mortality rates due to the pandemic as well as a rising unemployment rate has left many American’s wondering what to do if there is no real further aid from the federal government. In this light, some state governments are at least promising some form of financial support for their citizens.

However, as it stands – according to AS.com president Joe Biden only used his executive authority to extend the student loan moratorium through 1 May 2022 next year. This might be the only stimulus check paid provided next year.

 

 

2 Comments

2 Comments

  1. Tonja Doughty

    December 28, 2021 at 7:36 PM

    I’m disabled and have combined custody of my granddaughter 15 pay for her to home school every month her no help for anything. Via: State of Maine not even SNAP she was placed here through DHHS of Maine they were supposed to call and get all benifits changed over she’s now been here for just over a year her mother is still collecting benifits even though I’ve continued to report to DHHS they say they need verification puzzles me as there able to access that her mother lost full rights to her two children ones in foster care the other here with my son and myself I only recive 814. Per month very difficult as prices are out of control. We are stuggling in every way my son’s type 1 brittle diabetic trying to get SSI. Right now I’m only income I’d work but confined to walker two cains or hover chair. Electric rages out of control. Large home had 4 children of my own and 2 that I had guardian ship. I’m used to making money go as far as possible. SSDI is not enough during this time I spend an extra 100.00 on PPA just to ensure my son’s taken care of. We need a stimulus I’m not asking for hand outs many others are also I’m part of a community for disabled Blind to Billionaire on you tube amazing man and his wife started to help others who aren’t watching daily about what’s going on in legislature. Can’t get CTC because her mother gets she’s only been with her 4 weeks in 2021 and was arrested for two weeks when DHHS finally checked on situation And brought her home. I’m getting desperate as are many in this community I know of some elderly that have been living on tuna fish from food pantry they can feed there cats and themselfs many I’ve seen eating cat food when the tuna runs out that also given by food pantry. This is horrible government the president has forsaken us he won 8 votes from this house by what he promised all the social programs in build back better have been taken out not nothing for elderly disabled if you have a child under 17 my youngest son was 17 but didn’t get anything not me not him was supposed to get 550.00 one time payment as he’s full time college student he turned 18 in October. Please visit Blind to billionaire on you tube listen read comments is horrible Christmas here was very bleak thought he’d care enough to stick with his agenda and the Munchkin man is not helping either. Collapse of life is becoming more evident every day as hope is lost.

  2. Brenda Busch

    December 29, 2021 at 2:17 AM

    All states should have to send out a stimulus check to its people in us on fixed incomes and low income people too everyone needs help right NOW NOT LATER PLEASE HELP us seniors with checks like seniors citizens league proposed a emergency stimulus check for social security beneficiaries WHY NOT???

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Stimulus Checks

Taxpayers Receive Notice CP80 From The IRS: Know Why

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The Internal Revenue Service (IRS) has started processing 2021 tax returns. Taxpayers need to file their tax returns before April 18. IRS faces an enormous backlog of 2020 tax returns; several individuals have received CP80 notices despite submitting their tax returns.

Market Realist reports that IRS has 6 million unprocessed returns at present. The issuance of CP80 notes has created chaos amongst taxpayers, and they are worried about their refunds. IRS professionals will face severe difficulties due to the increased workload; taxpayers will likely witness a payment delay this year.

Taxpayers Receive Notice CP80 From The IRS: Know Why

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Several Taxpayers Will Have To Refile Their Tax Returns

Market Realist quoted an IRS statement; it said, “6 million unprocessed original individual returns (Forms 1040), 2.3 million unprocessed amended individual returns (Forms 1040-X), more than 2 million unprocessed employer’s quarterly tax returns (Forms 941 and 941-X), and about 5 million pieces of taxpayer correspondence.” The reports suggest a delay in 77 percent of the filed returns this year. The CP80 recipients will need to refile their tax returns. However, individuals with accurate tax returns need not worry as IRS will nullify those notices.

IRS Has A Long List Of Unprocessed Returns

Market Realist quoted IRS, “We credited payments and credits to your tax account for the tax period shown on your notice. However, we haven’t received your return.” The taxpayers need to check with IRS authorities to receive personal details and seek assistance. Most individuals with accurate tax returns will not need to refile but expect payment delays.

The IRS faces severe staff shortages amidst the pandemic. The situation worsened after winter’s Omicron wave. The taxpayers will need to provide accurate and updated tax information to receive eligible benefits without any unprecedented halt. Millions of families received stimulus checks and enhanced Child Tax Credit payments in 2021.

The remaining half of the enhanced CTC payments are due when beneficiaries file their tax returns. The IRS will verify personal information before processing the payments. Several eligible individuals missed out on eligible payments due to old or inaccurate data. Taxpayers need to read the letters carefully to know the complete details. The government officials will provide ample support to the US citizens amidst the difficult circumstances.

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Stimulus Checks

Child Credit: $193 Billion Available To Eligible American Families Who File Returns

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It is tax season in the United States of America once again. The deadline to file your tax returns is April 18, 2022. According to Lee Daily, families with children should be aware that they are eligible to receive tax credits of approximately $193 Billion. This is the estimated figure that is still left in the federal budget for the extended Child Tax Credit program.

Still $193 Billion Available

According to President Joe Biden’s extended Child Tax Credit program – eligible American families would who qualify for this Child Tax Credit received half of the program’s payments monthly by the end of last year. However, $193 Billion remains in the program’s budget for the last half of the payment this year. In this light, President Joe Biden’s administration has fears that many families who would benefit the most from this tax credit, could miss out on this last half of the program. If they don’t file their taxes correctly before April 15, 2022.

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File Tax Returns Before Deadline

For this reason, Vice President Kamala Harris, Treasury Secretary Janet Yellen, and White House senior adviser Gene Sperling implored millions of U.S. citizens who earn such low income. He urged those that might not have filed a tax return last year, to do so with the Internal Revenue Service. This was done on Tuesday, via a virtual event. Harris further added: “the truth is that there are folks all across our country who work hard every day and still struggle to make ends meet, and it should not be this way in our society. You haven’t finished filing your taxes yet. That is the only way you will be able to collect the second half of what you are entitled to”.

To check eligibility for the extended Child Tax Credit program you can visit: visit the website childtaxcredit.gov. Remember the deadline for filing your tax returns is by April 18 – but it is recommended, in this case, you do so by April 15, 2022.

Hope this article was useful. Don’t forget to comment below!

 

 

 

 

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Stimulus Checks 2022: Should you file your 2021 Tax Return?

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Stimulus Update: Residents Of Several Cities Will Receive Stimulus Checks

Many Americans have received their stimulus checks based on the old 2019 or 2020 tax information. However, the taxpayers who earned less in 2021 than 2020 are in line to receive extra benefits. The eligible citizens can claim the payments under the Recovery Rebate Credit.

The Biden administration introduced the benefits after the detrimental effects of the pandemic on low-income families. As a result, eligible individuals might receive $1,400 while filing their 2021 tax returns. Marca reports that the Internal Revenue Service (IRS) issued Letter 6475 in January, notifying the additional payments.

Individuals Who Earned Less In 2021 Are Eligible For Extra Benefits

Many individuals have received their stimulus checks based on the old 2019 or 2020 tax information. However, the taxpayers who earned less in 2021 than 2020 are in line to receive extra benefits. The eligible individuals can claim the payments under the Recovery Rebate Credit.

The non-filers will also need to file the tax returns to receive the benefits. Marca reports that the IRS sent Letter 6419 to the extended child tax credit recipients in 2021. After updating their tax information, the eligible beneficiaries will automatically qualify for the payments.

The government announced $3,000 to $3,600 payments for families which suffered financially during the pandemic. The families whose annual income fell within the threshold received $250 and $300 per month for each child between 6-17 and under six, respectively. The eligible individuals have received the first half of the payments in six monthly payments.

The individuals will receive the remaining half of the payments while filing their tax returns in 2022. The deadline for the payments will be in April 2022. The citizens will have to file their tax returns in time to avoid delays in the payments.

Low-Income Families Will Suffer A Lot

Families should check with the officials to keep track of the payments in the future. The IRS will issue notifications regarding the dates of the tax returns. The federal government decided to cease the child tax credit.

The future of payments remains bleak after the halt in approving the build-back better act. The children belonging to low-income families will suffer the most due to increasing inflation levels and rising educational expenses. Therefore, the federal government needs to introduce various benefit schemes to low-income families to counter the economic crisis in times surrounding the pandemic.

 

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