Tuesday, October 19

IRS could begin releasing third $ 1,400 stimulus check between late March and early April


IRS could begin releasing third $ 1,400 stimulus check between late March and early April

Illustrative image of stimulus checks sent by the federal government.

Photo: Jeff Fusco / Getty Images

National media reports anticipate that the $ 1,400 stimulus check promoted by the Administration of the President of the United States Joe Biden it would be approved by mid-March when the extra unemployment benefits under the December stimulus bill expire.

If the intention of the Democrats is realized, the Internal Revenue Service (IRS) It could start releasing payments between the end of March and the beginning of April.

However, before this summit process that millions of Americans are waiting for, there are several phases through which the stimulus package proposed by the current government called the “American rescue plan” must pass.

Combination of different sections of the law

Currently, the legislation is before the consideration of the Budget Committee of the House of Representatives, which must combine the different sections of the same to convert it into a single law that is expected to be approved in that legislative body before the end of the month.

From the House to the Senate

If the House votes to pass the measure by mid-February as predicted by the president of the majority in that body, Nancy Pelosi, the bill must go to the Senate for consideration.

The upper house is where the legislation is expected to face the most drawbacks in the face of the refusal of several Republicans to endorse the plan.

After the elections last November, the Senate was divided into 50 seats for Republicans and another 50 for Democrats. This implies that a couple of votes of the members of one or another delegation can make the final difference in terms of the approval of measures.

Approval through a “reconciliation” mechanism

Before this reality, Democrats have proposed to pass the economic package of $ 1.9 billion expeditiously in the Senate through the mechanism known as “reconciliation.” The process will require a simple majority to pass legislation rather than the 60 votes traditionally required to pass a measure.

Earlier this month, it was the vote of Vice President Kamala Harris in her role as president of the Senate that achieved the tiebreaker that allowed the advancement of that mechanism.

Biden must sign the stimulus bill

After both Houses approve the stimulus plan, it will then go to the president’s desk for him to stamp his signature.

Until Biden signs the document, the proposal will not become law and will not go into effect.

IRS begins distribution of third stimulus check

After the Democrat gives the go-ahead to the piece of legislation then the IRS can begin processing and mailing checks with the base amount of $ 1,400 per individual as required by law.

Although in the past two rounds, the first disbursements were sent by direct deposit in a period of between two to three weeks; the arrival process of some checks took months, among other things, because the IRS did not have the information of beneficiaries who are not required to file taxes.

As of this date, there are still potential recipients who have not received their due payments.

The IRS urged eligible Americans who have not received one or both of the previous checks to apply for a “Refund Recovery Credit” on their tax return this year, even if they are not required to report.


eldiariony.com

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