IRS’s Bad News on $8,700 Stimulus Checks Coming This October

IRS's Bad News on $8,700 Stimulus Checks Coming This October

We’re hearing reports of another round of substantial Stimulus Checks coming our way for Americans. People must always verify every federal benefit information they learn with the government agency supposedly issuing these funds through its own website. The web and social media are awash with frequent scams, and all the right channels that try to keep the false news out sometimes come unglued and spread some misinformation.

What are Stimulus Checks, and can Americans expect more?

In the midst of the COVID-19 pandemic, the United States government set up a program to help its citizens with some of the effects of the lockdowns, such as loss of income, job retrenchments and the stagnation of many businesses. It also made the cost of many services costlier. As soon as the situation became normal, cash injections were made toward the economy to trigger the economy, especially at the local level, and help taxpayers to begin generating decent income too.

Under the CAA, or Consolidated Appropriations Act; the CARES Act; and the ARPA, or American Rescue Plan Act, Stimulus Checks were only given out three times total. Over the three rounds, the disbursements were $814 billion. The CARES Act for one-time payments of $1,200 to each adult recipient and $500 for each child to their guardian.

Americans then received $2.3 trillion and shortly thereafter, President Donald Trump signed CAA into law. This bill included $600 individual direct payments, $300 a week in unemployment benefits, $800 billion for schools, $69 billion for vaccinations and $325 billion in small business loan funding. Under the ARPA, Joe Biden also approved $1.9 billion.

Fact check: Is there another Stimulus Check of $8,700 coming?

Fact check: Is there another Stimulus Check of $8,700 coming?

In mid-2024, a stimulus check search becomes trending on the web and social media, talking of an $8,700 Stimulus Check from the IRS. That excited people into spending such a big amount going to their pockets, but it’s not, unfortunately. As the rumor doesn’t have any official channel confirmed on it, anyone who has already made plans for his or her funds will have to drop them.

We’ve learned from the US that stimulus payments are the norm if a financial crisis hits and citizens of the country are counting on some form of relief. The IRS (Internal Revenue Service) confirms there are no plans for the IRS to release a fourth round of payments.

IRS spokesperson Robert Marvin noted some time ago that fake news about relief payments and Stimulus Checks is on the rise and scammers are getting very clever at making their “news” seem real.

The pitch of this scheme was to pitch struggling families with an “expanded Child Tax Credit” for $350 per child up to a grand total of $8,700 spread over six months. Nothing like it isn’t being proposed or is in place.

The IRS also urged taxpayers filing annual returns to ignore any misinformation about tax affairs as propagated by any unofficial source.

However, there is some good news. If, for whatever reason, you qualified yet didn’t receive your Stimulus Check, you still can. Searching for the name of benefits and the particular department running the program is a fine way to study the correct channels to apply online.

FAQs

Q. Are there really 8,700 stimulus checks being issued by the IRS?

A. The IRS has confirmed that there are no plans to send 8,700 stimulus checks. This is a hoax and should be considered misinformation. The warnings come as taxpayers are urged to validate information on the official government’s channels in order to avoid scams.

Q. What has the IRS said about stimulus payments in the future?

A. There are currently no plans for any further stimulus payments, said Robert Marvin, an IRS spokesperson. The agency advises people to watch out for misinformation about relief payments and double-check any such claim through official sources.

Q. What should I do if I believe I am eligible for a previous stimulus payment but haven’t received it?

A. If that stimulus check hasn’t come your way, you can file a claim if you think you should have gotten it. For example, you should search for information pertinent to the benefits program and the department that administers the program. Unlike in the previous two rounds, not filing a tax return won’t automatically disqualify you from receiving a missing stimulus payment.

Q. Why is there so much misinformation about stimulus checks circulating on social media?

A. One of the drawbacks of social media is that there’s no oversight of the thing you’re sharing and the speed at which you share it could lead to the spread of misinformation. They often use a narrative to fool people who are looking for money. When they are in a critical time and have no idea what to do, scammers will take advantage of them.

Q. What measures can I take to ensure I receive accurate information about federal benefits?

A. The best way to check information relating to federal benefits or stimulus payments is through official sources such as the IRS website or the appropriate government agency. Do not rely on social media sources or unverifiable news articles and be cautious of anything that sounds too good to be true, as that may be a scam.

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