Latest news with #checks
Washington Post
4 days ago
- Business
- Washington Post
FACT FOCUS: No, taxpayers will not receive new stimulus checks this summer
Don't splurge just yet. Rumors spread online Friday that the U.S. government will soon be issuing stimulus checks to taxpayers in certain income brackets.
Associated Press
4 days ago
- Business
- Associated Press
FACT FOCUS: No, taxpayers will not receive new stimulus checks this summer
Don't splurge just yet. Rumors spread online Friday that the U.S. government will soon be issuing stimulus checks to taxpayers in certain income brackets. But Congress has not passed legislation to authorize such payments, and, according to the IRS, no new stimulus checks will be distributed in the coming weeks. Here's a closer look at the facts. CLAIM: The Internal Revenue Service and the Treasury Department have approved $1,390 stimulus checks that will be distributed to low- and middle-income taxpayers by the end of the summer. THE FACTS: This is false. Taxpayers will not receive new stimulus checks of any amount this summer, an IRS official said. Stimulus checks, also known as economic impact payments, are authorized by Congress through legislation and distributed by the Treasury Department. Republican Sen. Josh Hawley of Missouri last month introduced a bill that would send tax rebates to qualified taxpayers using revenue from tariffs instituted by President Donald Trump. Hawley's bill has not passed the Senate or the House. The IRS announced early this year that it would distribute about $2.4 billion to taxpayers who failed to claim on their 2021 tax returns a Recovery Rebate Credit — a refundable credit for individuals who did not receive one or more COVID-19 stimulus checks. The maximum amount was $1,400 per individual. Those who hadn't already filed their 2021 tax return would have needed to file it by April 15 to claim the credit. The IRS official said there is no new credit that taxpayers can claim. Past stimulus checks have been authorized through legislation passed by Congress. For example, payments during the coronavirus pandemic were made by possible by three bills: the Coronavirus Aid, Relief and Economic Security Act; the COVID-related Tax Relief Act; and the American Rescue Plan Act. In 2008, stimulus checks were authorized in response to the Great Recession through the Economic Stimulus Act. The Treasury Department, which includes the Internal Revenue Service, distributed stimulus payments during the COVID-19 pandemic and the Great Recession. The Treasury's Bureau of the Fiscal Service, formed in 2012, played a role as well during the former crisis. Hawley in July introduced the American Worker Rebate Act, which would share tariff revenue with qualified Americans through tax rebates. The proposed rebates would amount to at minimum $600 per individual, with additional payments for qualifying children. Rebates could increase if tariff revenue is higher than expected. Taxpayers with an adjusted annual gross income above a certain amount — $75,000 for those filing individually — would receive a reduced rebate. Hawley said Americans 'deserve a tax rebate.' 'Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country,' Hawley said in a press release. Neither the Senate nor the House had passed the American Worker Rebate Act as of Friday. It was read twice by the Senate on July 28, the day it was introduced, and referred to the Committee on Finance. ___ Find AP Fact Checks here:
Daily Mail
10-08-2025
- Politics
- Daily Mail
Keir Starmer urged to stand up to EU over new tough holiday checks on British citizens
Keir Starmer was challenged to 'stand up' for Britain and fight tough new checks for UK citizens travelling to the EU. The Prime Minister was warned that the new regime, which will require Britons to prove they have medical insurance and a return ticket, will cause 'absolute chaos'. Nigel Farage made clear Sir Keir should not accept the incoming rules and insist on a new deal. The Reform UK leader told the Mail on Sunday: 'The PM's got to be tough. 'He needs to stand up and say this is completely over the top.' And Shadow Transport Secretary Richard Holden said 'hard-working Brits' were coming off 'second best' because Sir Keir failed to negotiate a better deal. Mr Holden added: 'So much for Starmer's so-called reset with Brussels. We're once again a rule taker, not a rule maker, and we have nothing to show for it.' The criticism began over details of a strict new digital system which will apply to Britons and other non-EU travellers from October 12. As well as the medical insurance and return ticket requirements, non-EU passport holders will have to have their fingerprints and a photograph taken the first time they use travel into the EU. Passengers are also expected to be asked a series of questions to check they have proof of accommodation and enough money for the trip. At most airports and ferry terminals, passengers will undergo the process at automated kiosks. But those who answer no to any questions are expected to be quizzed by a border officer, who could refuse entry. The long-awaited 'entry/exit system' (EES) will also automatically flag arrivals at risk of overstaying. Under post-Brexit rules, Britons without the right to work or reside in the EU can only stay for 90 days in any 180-day period. The new entry system has been long in the planning and is only due to be fully operational across the EU next April. But there are fears that as the system begins there will be huge queues at EU airports, as well as delays at Dover, Folkestone and London's St Pancras station – where French border checks are carried out before people embark on cross-Channel journeys. And last night, Mr Farage said Brussels had created a system that was almost as strict as 'getting into America'. He added: 'How on earth we managed to negotiate a deal as bad as this, I do not know. 'For all the travellers who go to France, to have to prove medical insurance will be a very lengthy process. 'Once again, Starmer has gaslit the public, telling us we've got a deal where we can go straight through [digital passport] gates.' But a Home Office spokesman said the Government had 'been working closely' with the European Commission, member states, local authorities and the travel industry to prepare ports for EES. They added: 'We are supporting ports and carriers to ensure EES registration is simple for anyone travelling to the Schengen area.'
Yahoo
19-07-2025
- Business
- Yahoo
Deluxe pivots to digital and data
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Deluxe, known as the provider of paper checks, isn't counting on customers clinging to checks forever, but a pivot to faster-growing segments hasn't come quick enough to stem a revenue decline. While only about 2.5% of consumer payments are still made by check in the U.S., after years of decline, business and government are still dependent on checks. President Donald Trump is fueling the latest shift away from that inefficient paper product, mandating that federal government agencies toss aside the use of checks by the end of September. Minneapolis-based Deluxe understands the direction the payments industry is headed. The company is leaning into its non-paper enterprises, with payments processing; business-to-business payments services; and the sale of marketing data now accounting for two-thirds of its $2.1 billion in annual revenue, Deluxe CEO Barry McCarthy said in an interview this month. Meanwhile, the sale of checks drives just $700 million of income. 'We've been very, very clear that we are taking the company's legacy in paper payments to grow a large digital payments and data business,' McCarthy said. 'We are taking the resources, the relationships, the brand recognition, the trust we have on the paper payment side to build tremendous momentum on the digital payment side.' The 21st-century strategy appears to be working. The publicly-traded company doubled its net income last year to $52.9 million over 2023 on a revenue increase of 5.4% to $384 million, according to its annual filing in February with the Securities and Exchange Commission. McCarthy is pivoting Deluxe's focus after consolidated revenue for the company declined last year by 3.2%, 'due to the continuing secular decline in order volumes for checks, business forms, and some business accessories,' according to the annual filing. On the flip side, the company's fastest-growing business revolves around the trove of data it has collected from more than 100 sources, including its consumer customers over the years. That marketing business, based in New York, is growing at a 20%-plus clip annually. The data includes everything from information on divorces and car leases to births and elderly parents to business locations and new bank accounts. Then it sells that information to businesses focused on servicing consumers, such as property and casualty insurers, telecommunications companies and retailers. 'We know all of this information at massive scale, I think it's over a trillion unique pieces of data about small businesses and consumers in the United States,' McCarthy said. 'All of those businesses hire us to provide them a target list of who to go market to, and then we can deliver the marketing message all the way to that end customer.' To be sure, the data business is still the smallest of Deluxe's three non-check segments, accounting for 11% of revenue. The other two, including payments processing and business-to-business payments services, drive 18% and 14%, respectively, according to the SEC filing. In the processing business, Deluxe competes against the larger payments processors, such as Fiserv and Global Payments, by pitching itself as a more customized option, McCarthy said. The merchant acquiring services include managing credit card and debit card acceptance for small to mid-sized businesses. Clients include independent sales organizations, insurers, niche retailers and banks that resell the services, as well as government entities. The bigger rivals 'are so largescale, they have to do it one way and one way only,' McCarthy said of his larger competitors. 'If you want different settlement windows, you want different feature functionality, it's very hard for them.' McCarthy knows the processing business well because he spent 14 years at the processor First Data before it became Fiserv. After being appointed CEO of Deluxe in 2018, he focused the company's strategy, partly by divesting some entities that didn't fit with the other major parts of the business. The third non-check segment at Deluxe is its business-to-business division that offers accounts receivable and payable services to companies as they shift their payments processing away from paper-based methods. About '40% of those (business) payments are still made by paper check today, both inbound and outbound, so there is still a massive opportunity,' McCarthy asserted. Despite the Deluxe's efforts to move away from its more traditional manual services for businesses, more than half of the company's revenue, 57%, still comes from paper-based products, including promotional materials and business forms, according to its annual filing. McCarthy knows that Deluxe needs to do a better job of marketing its non-paper services if it wants to keep building its electronic payments business. 'We have marketing and sales work to do to get the story out,' he acknowledged. Recommended Reading Trump calls on federal gov't to banish paper checks Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-07-2025
- Business
- Yahoo
Pennsylvanians to receive $9.2 million worth of checks; Here's why
(WHTM) – Thousands of Pennsylvanians will soon receive a piece of the $9.2 million worth of checks being sent by the State Treasury. The Pennsylvania Treasury says the second round of Pennsylvania Money Match checks are now arriving in the mail. These checks are funds that people who are owed up to $500 for unclaimed property, and recipients are being advised to cash them. More than 39,000 checks are being sent out in this second round, while an additional 40,000 letters notifying people of incoming checks will go out in August. 'It's exciting to see so many people getting money they didn't know they had. It's now important that people cash these checks,' said State Treasurer Stacy Garrity. 'We want everyone to know this is a real program and this is real money. Every dollar we return to Pennsylvania families is money they can use to buy groceries, fill up their cars with gas, or pay their rent or mortgage. This money belongs to them, not the state.' Unclaimed property includes dormant bank accounts, unclaimed checks, insurance policies, and tangible property that is currently being held by the State Treasury. You can check if you have unclaimed property on the State Treasury website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
