The American Rescue Plan Act was passed about a year ago to deliver stimulus checks to people and families who are suffering from covid. However, it has not yet reached everyone. The IRS is determined about taking prompt action against people who haven’t paid their taxes in full, reports Blogging Big Blue.
Internal Revenue Service Taking Necessary Steps To Distribute Unpaid Stimulus Checks
In April 2022, the IRS spoke to the media about the unclaimed stimulus funds. Taxpayers are encouraged to apply for the Child Tax Credit, according to the IRS. A sort of stimulus payment is the enhanced Child Tax Credit. The existing child tax credit was increased from $2000 to $3600 for children under the age of six, and from $3000 to $3000 for older children. Under previous rules, only $1400 of the credit value was refundable, but under the American Rescue Plan Act, the entire credit was refundable.
Several parents who obtained monthly stimulus check payments in 2021 still are expecting half of the outstanding amounts from the enhanced credit.
Despite the fact that the deadline for claiming stimulus funds has passed, the IRS has declared that it is still possible to file tax returns and claim stimulus funds.
According to an IRS news release, individuals who have paid their taxes to the IRS can now file their 2021 tax return as well as claim the Child Tax Credit for the year 2021 through April 15, 2025.
Although there is still time, people should cash their checks as soon as possible. Individuals who have not yet filed their tax returns for the year 2021 must use digital tools to fill out and submit the applications so that the IRS can evaluate them and inform them via their web pages.