With the federal government refusing to issue any further stimulus check payments, there have been several states that have come forward in order to help the residents. The stimulus payments, along with several rebates have definitely proved to be a boon to millions of citizens over the last couple of years. Unfortunately, the same payments could now prove to be a nightmare for taxpayers during this filing season. This is because the IRS has advised the receivers of the various payments from holding off on the filing of returns.
Stimulus Check Receivers Have Been Asked To Not File The Returns
Just the previous week, the IRS had issued guidelines that asked taxpayers residing in various states to stop filing for their tax returns if they had received their stimulus check payments and other benefits from the states in 2022. The agency stated that it was currently seeking some clarification on whether the rebates were taxable income or not. The agency further mentioned that they were expecting to push in some additional clarity for as many taxpayers and states as possible by the next week. Interestingly, the rules that surround them are definitely quite complex, and they would need some more time to determine the implications of tax returns.
Until the IRS pushes out some more information, they have recommended the receivers of stimulus check payments hold off on filing the returns or consulting with a reputable tax professional, For those who have already filed their return, the IRS also recommends not filing for an amendment. The latest advisory of the IRS is therefore making life a little difficult for taxpayers. Several taxpayers have actually taken to social media in order to express the frustration that they feel at the latest guidance of the IRS.