There’s no doubt that 2022 was a hard year for people all around the United States of America. Two years of pandemic-induced lockdowns, coupled with sanctions imposed on Russian oil supplies, resulted in a cost-of-living problem.
While the Federal Reserve steadily increased interest rates to slow the quickly rising inflation rate, citizens continued to rely on a variety of state-enacted welfare programs, such as stimulus checks or tax refunds.
However, with 2023 fast coming, the Internal Revenue Service (IRS) has indicated that they will not be releasing any additional stimulus checks, suggesting that American residents across the country should brace themselves for a difficult fiscal year ahead.
However, with 2023 fast coming, the Internal Revenue Service (IRS) has indicated that they will not be releasing any more stimulus checks, implying that American citizens across the country should brace themselves for a difficult fiscal year ahead.
What did the IRS say about 2023 stimulus checks?
With many starting to question what kind of help they would receive in 2023, the IRS issued a notice on November 22, 2022, addressing the impact of the absence of stimulus checks on the current tax year. “Refunds may be less in 2023,” according to the document. “Because there were no Economic Impact Payments for 2022, taxpayers will not get an extra stimulus payment with a 2023 tax refund.”
What does the IRS statement mean for you?
The IRS memo clearly states that residents should not rely on tax refunds to buy basic needs such as food. With COVID-19 now firmly behind us, the absence of stimulus checks will be an issue in the future, and families will no longer be able to take advantage of the extended benefits of welfare schemes such as parent/child Tax Credits, which were available in 2021. Last year, people who hadn’t previously claimed such benefits may do so while completing their tax returns, but that won’t be the case this year.