purchaseport.blogg.se - Recent stimulus check news

RECENT STIMULUS CHECK NEWS FULL

Eligible individuals can still claim their payments through October 17.

► We recommended that Treasury and IRS focus on improving interagency collaboration and use data to assess the effectiveness of their efforts to educate more people about refundable tax credits and eligibility requirements. We found that underserved communities such as nonfilers, first-time filers, unbanked/underbanked, mixed immigrant status families, those with limited internet access, and those experiencing homelessness were likely to experience difficulties with receiving their payments in a timely manner. However, they can do more to measure the effectiveness of their outreach. For example, they expanded their partnerships to educate more people about the stimulus payments. Treasury and IRS undertook sweeping communications and outreach efforts to publicize the EIPs and the advance CTC. Improved collaboration will also help outreach to underserved communities. ► We recommended that Treasury and IRS use available data to develop an updated estimate of total eligible individuals which they could use to better tailor and redirect their ongoing outreach and communications efforts for similar tax credits.Ģ. In May 2021, TIGTA identified potentially 10 million individuals eligible for payments, but IRS has no further plans to reach out to these individuals.

In 2020, Treasury and IRS used other data to identify and reach out to around 9 million potentially eligible nonfilers.

RECENT STIMULUS CHECK NEWS FULL

second, the payments were refundable tax credits, so eligible individuals can claim the full amount even if it exceeds what they owe in taxes.first, there was no earned income requirement, so Americans with no or very little income could receive economic relief and.These people were eligible for the payments for a couple of reasons: It was challenging for IRS and Treasury to get payments to some people-especially nonfilers, or those who are not required to file tax returns. IRS can use data to tailor outreach efforts. Timeline of Stimulus Payments to Individuals, 2020-2021ġ. More recently, Treasury’s Inspector General for Tax Administration (TIGTA) reported on additional steps IRS should take to recover improper payments. In September 2020, we reported that the EIP improper payment rate was around 2% and IRS took some actions to recover those payments. Refundable tax credits sometimes have issues with improper payments (payments made in the wrong amount or to the wrong person). These pandemic-related payments to individuals far exceeded other stimulus payments made to individuals in recent history. From July to December 2021, eligible families received advance monthly payments of half their total expected CTC, benefiting about 84% of children in the US.Īccording to Census Bureau and Federal Reserve assessments of survey data, the EIPs and advance CTC payments reduced financial hardship and food insufficiency among recipients. The American Rescue Plan Act of 2021 also temporarily expanded the eligibility of the Child Tax Credit (CTC) to more families and increased the credit amounts. The CARES Act, the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 2021 (Public Laws 116-136, 116-260, and 117-2, respectively) authorized three rounds of Economic Impact Payments (EIPs) that went to around 165 million Americans. Big Pictureįrom April 2020 to December 2021, the federal government made direct payments to individuals totaling $931 billion to address pandemic-related financial stress. We made recommendations to strengthen Treasury and IRS’s outreach and communications efforts for the billions of dollars in similar tax credits IRS administers, such as the Earned Income Tax Credit. However, some eligible Americans never received payments. In 20, IRS and Treasury issued $931 billion in direct payments to individuals to ease financial stress due to the COVID-19 pandemic.