All you need to know about the latest stimulus check updates
Following the effects of the COVID-19 pandemic, the cost of living has risen to unprecedented levels with the United States experiencing it’s worst inflation since the 1980s.
This had led states to introduce further stimulus payments in order to ease the burden on residents with Florida’s Hope Florida – A Pathway to Prosperity one such initiative that will see foster and adoptive families receive a one time payment of 450 dollars.
However, given the magnitude of the payments going out to citizens across the country, the IRS have deemed that certain payments might be delayed due to the large backlog.
Based on data provided by The Sun, 10 million Americans are still waiting for stimulus checks.
The IRS have stated that they have issues 931 billion dollars worth of federal stimulus checks in 2020 and 2021 alone, which is stark contrast to the payments leading up to the pandemic which saw them dole out 200 billion dollars worth of stimulus payments between 2001 and 2019.
Another cause for concern is that the IRS is dealing with hundreds of thousands of tax returns, with individual mistakes in the filing.
There are several reasons why Americans who filed their tax returns in late January or early February might not have gotten their rebates yet.
A math mistake on a tax return might be the biggest cause of the delay with the IRS sending out 7.4 million math error notices over the course of the past seven months.
Payments would also be rejected if the wrong bank account details were submitted to the IRS.
This would cause a delay as the IRS would then need to reconcile the payment error and figure out an alternative method to ensure the issuance of the payment.
Other possible reasons for why a tax return delay might occur are for reasons of identity theft or fraud, if the return is incomplete, or simply if the application needs further review.
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