The extended duration of the COVID-19 pandemic caused significant suffering for the American people. After two years of quarantines owing to the pandemic and subsequent prohibitions on Russian oil supplies, the cost of living rose to an unsustainable level.
While the Federal Reserve has been gradually raising interest rates to boost the quickly rising inflation rate, many Americans still rely on stimulus checks and tax rebates to make ends meet.
However, the Internal Revenue Service (IRS) has said that it would not release any more stimulus checks from theirs, so Americans should prepare themselves for a terrible financial year ahead as 2023 approaches.
What the IRS has to say about 2023 stimulus checks?
The Internal Revenue Service issued a report on the effects of the lack of stimulus checks for the current tax year on November 22, 2022, as individuals began to worry about what assistance could be coming their way in 2023.
Moreover, the document warned that refund amounts might be reduced in 2023.
Due to the absence of Economic Impact Payments in 2022, taxpayers will not receive an additional stimulus payment with a 2023 tax refund.
Read more: Stimulus check update: Be ready, there are $600 or more rewards for Californian residents
What does the IRS’s announcement imply for your situation?
Additionally, the IRS memo makes it clearly apparent that citizens should not count on tax refunds to help them buy food or other necessities.
With the end of COVID-19, families will no longer have access to the additional benefits of welfare schemes like the parent/Child Tax Credit that was available in 2021.
Meanwhile, those who still need to do so by last April’s tax deadline may still do so at that time, but that won’t be the case this year.
Read more: Arkansas stimulus checks: How to be eligible for $1,500 before Christmas?
