Without question, 2022 was a challenging year for citizens all around the USA. A cost of living issue resulted from the pandemic-related mandatory lockdowns that lasted for two years, accompanied by the sanctions placed on Russian oil supplies.
Residents still depended on various state-implemented welfare measures, either in stimulus checks or tax rebates, even though the Federal Reserve had progressively raised interest rates to stifle the quickly rising inflation rate.
However, the Internal Revenue Service (IRS) has announced that they will cease issuing stimulus checks as of 2023, which means that Americans throughout the nation should prepare for a challenging fiscal year.
The IRS Issued Notice Regarding Stimulus Checks For 2023
On November 22, 2022, the IRS issued a notice addressing the effects of the lack of stimulus cheques on the current tax year. Individuals were beginning to worry about what assistance would come their way for 2023. According to the document, refunds “may be reduced in 2023.”
There were no Economic Impact Payments for 2022. Therefore taxpayers won’t get an additional stimulus payout with the 2023 tax refund.
What Does The Statement From The IRS Mean To You?
According to the IRS advisory, residents shouldn’t rely on tax refunds to help them pay for necessities like groceries. After COVID-19, families won’t have access to the additional benefits of welfare programs like the parent/Child Tax Credit that was available in 2021. The unavailability of stimulus checks will continue to be an issue.
Last year at this time, those who hadn’t previously claimed such benefits may do so while completing their tax rebates, but things won’t be the same this year, reports Marca.
Related Stories:
Stimulus Check Update: Alaska, South Carolina, And Other States Continue To Send Stimulus Funds In 2023
Stimulus Checks Update 2023: These States Continue To Send Payments; Are you eligible?
Stimulus Payment Update 2023: Check Which State Is Sending How Much Money
Stimulus Check Update: Tax Rebate To Be Less In 2023
Stimulus Payments Update: California, Colorado and New Jersey Send Final 2022 Checks
4th Stimulus Checks Update 2023: Is There Anything New & Fresh In April ?
Stimulus Update 2023: Check if You Are Still Due A Tax Rebate From Your State
Stimulus Update: These States Issuing January 2023 Inflation Relief Checks
