Latest news with #EconomicStimulusAct
Economic Times
3 days ago
- Business
- Economic Times
IRS Stimulus Checks Update: No new $1,390 payout this August, here's what taxpayers should know — Fact Check
The IRS will not send $1,390 stimulus checks this late summer, offering relief to eligible households. Rumors circulating online about new Internal Revenue Service (IRS) stimulus checks being issued this summer have been declared false by officials. Claims that taxpayers would soon receive $1,390 stimulus checks are not backed by any legislation or IRS confirmation. According to a fact-check report by The Associated Press, there is no new stimulus payment scheduled for distribution in the coming confusion stems from social media posts and misleading reports suggesting that the IRS had approved additional rounds of payments for low- and middle-income Americans. However, IRS officials have confirmed that no new economic impact payments are planned unless Congress passes fresh legislation, as mentioned in a report by AP. On Friday, several viral posts claimed that the IRS had approved $1,390 stimulus checks, sparking widespread speculation. The posts suggested the funds would reach taxpayers by the end of the these claims were swiftly refuted. The IRS clarified that any new round of economic impact payments, commonly known as stimulus checks, must be authorized through legislation. Neither the Senate nor the House has passed such a confirmed that there is no new IRS stimulus check update for 2025. Stimulus checks are not issued solely at the discretion of the IRS or the Treasury Department. They require Congressional approval, followed by Treasury's distribution. Some of the speculation appears linked to a proposal by Republican Senator Josh Hawley of Missouri. In July, he introduced the American Worker Rebate Act, which aimed to provide rebates funded by tariff revenues. The proposed amount included at least $600 per individual, with additional payments for the bill has not advanced. It has neither cleared the Senate nor the House. For now, it remains referred to the Senate Finance Committee with no immediate prospect of becoming law, as confirmed in a report by AP. It is important to note that past rounds of IRS stimulus checks eligibility were strictly tied to laws passed by Congress. For example: 2008: The Economic Stimulus Act authorized direct payments during the Great Recession. The Economic Stimulus Act authorized direct payments during the Great Recession. 2020–2021: Three major pieces of legislation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the COVID-related Tax Relief Act, and the American Rescue Plan Act, enabled direct payments during the COVID-19 pandemic. In each case, Congress enacted laws specifying the payment amounts, income thresholds, and distribution mechanisms. The Treasury Department and the IRS then executed the to the public's misunderstanding is the IRS's announcement earlier this year regarding the Recovery Rebate Credit. The agency distributed about $2.4 billion to taxpayers who had failed to claim credits from 2021. The maximum refundable amount was $1,400 per who had not filed their 2021 tax return were required to do so by April 15, 2025, to qualify. With that deadline long past, there are no new credits officials have reiterated that this one-time correction should not be mistaken for approval of new stimulus Treasury Department, along with its Bureau of the Fiscal Service, managed the distribution of previous payments. These included both pandemic relief checks and earlier stimulus programs during the 2008 Congressional approval, neither the Treasury nor the IRS has the authority to initiate new stimulus suggest that economic uncertainty, coupled with political rhetoric around tax rebates, created fertile ground for misinformation. Hawley's proposal, though not passed, may have been misrepresented online as already headlines referencing IRS refunds and delayed tax credits further contributed to the Taxpayers Should Know For now, there is no IRS approves stimulus checks announcement for 2025. Taxpayers are advised to rely only on official IRS releases and Treasury statements. The IRS maintains its updates on where verified information about credits, refunds, and other relief measures is no payments are scheduled, political proposals remain on the table. Hawley and other lawmakers have floated the idea of using tariff revenues or other federal funds for unless such bills pass through Congress, taxpayers should not expect any checks. As history has shown, economic impact payments are rare and tied to extraordinary circumstances like recessions or national emergencies. Despite viral claims, the reality is clear: no new IRS stimulus checks eligibility exists for summer 2025. The rumors are unfounded, and taxpayers should avoid misinformation circulating online. Unless Congress enacts new legislation, the IRS has no authority to distribute additional payments. No. The IRS has confirmed that there are no new stimulus checks approved for this summer. Any such payments would require Congressional authorization. The most recent update relates to the Recovery Rebate Credit from 2021, which allowed taxpayers to claim missed COVID-19 payments. That deadline expired on April 15, 2025, and no new credits or stimulus checks are available now.
Time of India
3 days ago
- Business
- Time of India
IRS Stimulus Checks Update: No new $1,390 payout this August, here's what taxpayers should know — Fact Check
Several reports circulating online claim that the IRS has approved $1,390 stimulus checks for eligible households to be distributed later this summer, describing them as tax-free payments aimed at supporting low- and middle-income families. However, these claims are false. Tired of too many ads? Remove Ads Rumors of IRS Stimulus Checks Go Viral No new IRS Stimulus Checks Approved for 2025 Tired of too many ads? Remove Ads The Legislation That Never Passed How Past Stimulus Checks Were Authorized 2008: The Economic Stimulus Act authorized direct payments during the Great Recession. The Economic Stimulus Act authorized direct payments during the Great Recession. 2020–2021: Three major pieces of legislation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the COVID-related Tax Relief Act, and the American Rescue Plan Act, enabled direct payments during the COVID-19 pandemic. Recovery Rebate Credits Causing Confusion Treasury's Role in Past Stimulus Tired of too many ads? Remove Ads Why the Misinformation Spread Could More Stimulus Come? FAQs Has the IRS approved new stimulus checks for summer 2025? What is the latest IRS stimulus checks update? Rumors circulating online about new Internal Revenue Service (IRS) stimulus checks being issued this summer have been declared false by officials. Claims that taxpayers would soon receive $1,390 stimulus checks are not backed by any legislation or IRS confirmation. According to a fact-check report by The Associated Press, there is no new stimulus payment scheduled for distribution in the coming confusion stems from social media posts and misleading reports suggesting that the IRS had approved additional rounds of payments for low- and middle-income Americans. However, IRS officials have confirmed that no new economic impact payments are planned unless Congress passes fresh legislation, as mentioned in a report by Friday, several viral posts claimed that the IRS had approved $1,390 stimulus checks, sparking widespread speculation. The posts suggested the funds would reach taxpayers by the end of the these claims were swiftly refuted. The IRS clarified that any new round of economic impact payments, commonly known as stimulus checks, must be authorized through legislation. Neither the Senate nor the House has passed such a confirmed that there is no new IRS stimulus check update for 2025. Stimulus checks are not issued solely at the discretion of the IRS or the Treasury Department. They require Congressional approval, followed by Treasury's of the speculation appears linked to a proposal by Republican Senator Josh Hawley of Missouri. In July, he introduced the American Worker Rebate Act, which aimed to provide rebates funded by tariff revenues. The proposed amount included at least $600 per individual, with additional payments for the bill has not advanced. It has neither cleared the Senate nor the House. For now, it remains referred to the Senate Finance Committee with no immediate prospect of becoming law, as confirmed in a report by is important to note that past rounds of IRS stimulus checks eligibility were strictly tied to laws passed by Congress. For example:In each case, Congress enacted laws specifying the payment amounts, income thresholds, and distribution mechanisms. The Treasury Department and the IRS then executed the to the public's misunderstanding is the IRS's announcement earlier this year regarding the Recovery Rebate Credit . The agency distributed about $2.4 billion to taxpayers who had failed to claim credits from 2021. The maximum refundable amount was $1,400 per who had not filed their 2021 tax return were required to do so by April 15, 2025, to qualify. With that deadline long past, there are no new credits officials have reiterated that this one-time correction should not be mistaken for approval of new stimulus Treasury Department, along with its Bureau of the Fiscal Service, managed the distribution of previous payments. These included both pandemic relief checks and earlier stimulus programs during the 2008 Congressional approval, neither the Treasury nor the IRS has the authority to initiate new stimulus suggest that economic uncertainty, coupled with political rhetoric around tax rebates, created fertile ground for misinformation. Hawley's proposal, though not passed, may have been misrepresented online as already headlines referencing IRS refunds and delayed tax credits further contributed to the Taxpayers Should KnowFor now, there is no IRS approves stimulus checks announcement for 2025. Taxpayers are advised to rely only on official IRS releases and Treasury IRS maintains its updates on where verified information about credits, refunds, and other relief measures is no payments are scheduled, political proposals remain on the table. Hawley and other lawmakers have floated the idea of using tariff revenues or other federal funds for unless such bills pass through Congress, taxpayers should not expect any checks. As history has shown, economic impact payments are rare and tied to extraordinary circumstances like recessions or national viral claims, the reality is clear: no new IRS stimulus checks eligibility exists for summer 2025. The rumors are unfounded, and taxpayers should avoid misinformation circulating online. Unless Congress enacts new legislation, the IRS has no authority to distribute additional The IRS has confirmed that there are no new stimulus checks approved for this summer. Any such payments would require Congressional most recent update relates to the Recovery Rebate Credit from 2021, which allowed taxpayers to claim missed COVID-19 payments. That deadline expired on April 15, 2025, and no new credits or stimulus checks are available now.
