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Relief checks 2023 | Summary news 29 March

As the national tax deadline approaches, follow along for the latest from the IRS, and on other topics including Social Security, interest rates, and the housing market.

US Relief Checks: Latest Updates

Headlines | Wednesday 29 March, 2023

- Tax credits are available to reduce the total cost of solar panels 

- Automation has increased during the pandemic, threatening already vulnerable workers 

Top tips to avoid errors when filing your tax return directly from the IRS 

- There is still time to avoid tax penalties by applying for a tax filing extension 

- New Yorkers will have until 15 May 2023 to submit their tax refund 

Tax Information and Guidance 

- The difference between ‘accepted’ and ‘approved’ tax returns

- Requirements to receive over $10,000 for the CalEITC & EITC with my tax refund

- How to claim the CalEITC without a social security number

- Can you claim both EITC and Child Tax Credit?

Read more from AS USA:
Early retirement calculator: Average Social Security check at age 61

Month after month the Social Security Administration issues millions of payments to beneficiaries of the Social Security Program, who are mostly retired workers.

The exact amount of the check depends on a number of factors, including years worked and the recipient's age at retirement. The longer you wait to retire, the bigger your monthly insurance check will be.

What is the average Social Security payment at age 61? This report shows you how to find out with the retirement calculator.
Payment of $6,000 in California: Who is eligible?

A city in Los Angeles has announced that eligible people can start applying for a new program intended to help those with financial problems stemming from the covid-19 pandemic.

The City of El Monte launched its new Guaranteed Income Program which will provide cash assistance with no strings attached to 125 eligible residents. Approved participants can receive a monthly payment of $500 for 12 months through a debit card (EBT) that the city will issue.
Tax deadline 2023: what are the penalties if I do not submit the documentation on time?

Americans have until April 18, 2023 to file their 2022 income declarations and pay any taxes they may owe to Uncle Sam. Filers can submit a request for an extension until Oct.16 to turn in their paperwork, but they aren’t off the hook for any money they may owe. 

You need to pay any balance due, to the best of your knowledge, that you owe by Tax Day.

Filing your tax return late if you owe money to the IRS can be an expensive proposition. As AS USA's Greg Heilman reports, not only could you face penalties for filing late but you will also face late payment penalties and interest to boot.

IRS offers electronic option to file returns to reduce paper Forms 1099

The IRS has announced that businesses can file Form 1099 series information returns using a new online portal, available for free.

The IRS says the Information Returns Intake System (IRIS) is secure, accurate and requires no special software. Though available to any business of any size, IRIS may be especially helpful to any small business that currently sends their 1099 forms on paper to the IRS.

With IRIS, businesses can e-file both small and large volumes of 1099-series forms by either keying in the information or uploading a file with the use of a downloadable template.
What are the 5 steps of disability determination?

Workers who want to apply for Social Security Disability Insurance or Supplemental Security Income need to go through a five-step evaluation to measure their disability in order to qualify for the benefit.

The process is the Social Security Administration’s basis to deny or approve your application.

This report outlines the five steps of disability determination.
U.S. home prices: how much have they dropped in the last few months?

Home prices recorded a drop for the seventh-straight month in January, due to the rising level of interest rates putting the squeeze on the housing market. The S&P CoreLogic Case-Shiller US National Home Price Index slid 0.5% in January compared to December.

The drop in prices was reflecting a lower demand for houses in the face of inflation, higher mortgages, and economic uncertainty.

Bankers to tighten processes amid industry turmoil

Consumer and mid-sized banks are planning to monitor their internal processes more closely and hold more frequent discussions with regulators as the industry tries to move forward from weeks of turmoil.

Industry leaders were taking stock after the collapses of Silicon Valley Bank and Signature Bank and trying to differentiate solid institutions from troubled ones.

"There is definitely optimism among bankers despite the last few weeks, but they are not turning a blind eye to what has happened," Consumer Bankers Association CEO Lindsey Johnson told Reuters.

"We are still taking stock of what happened and making sure that we're prepared for what's to come and helping consumers work through that," said Johnson.

California's new bill to help drivers with gas prices

California Governor Gavin Newsom signed legislation Tuesday that's designed to stop gasoline price gouging, which his office hailed as "the strongest state-level oversight and accountability measures on Big Oil in the nation."

The bill that passed in the state Assembly on Monday comes months after Newsom signed sweeping legislation to combat climate change.
Workers Compensation 2023: what is it and how can I apply?

Workers compensation, or workers comp, pays an employee’s medical bills and a percentage of wages, among other things, due to an injury or illness that occurs on the job or as a result of their job. Its “no fault” feature is a give and take between employee and employer, the employer agrees to pay, and the employee generally can’t sue for damages.

Rules vary from state to state for the number of employees a business has that will trigger coverage requirements, as well as how the coverage works. Filing a workers compensation claim is much like filing an insurance claim. 

Here’s a look at workers compensation in 2023.
Does welfare help you get a car or help with housing?

When life hits a rough patch, it can be daunting trying to figure out where to get help. There exist programs run by the government and non-profit organizations that can help from paying the bills to making sure you have a car so you can get to work.

The programs are targeted towards people with low incomes, veterans, the elderly and disabled as well as a few other groups.

Read more

There is a free filing option for taxpayers making $73,000

For those looking at private tax software with a hefty price tag, the IRS wants you to know that there is a free option if you make under $73,000 a year

The free filing option is available in Spanish and English. 

This is a good option for those who are filing a simple return, and will make no difference on the speed at which a return is processed.
Requirements to receive up to 30% for the tax credit for solar panels in 2023

In order to increase the uptake of renewable energy, the United States will offer a reimbursement of up to thirty percent for households that install solar panels in the form of a tax credit. The value of the Federal Residential Solar Energy Credit was raised through the passage of the Inflation Reduction Act from up to twenty-six percent, as had been offered in 2020 and 2021.

When considering eligibility, different details must be taken into account, and those will be discussed here. Read more...
2023 Tax season: Avoid common filing mistakes with these tips from the IRS

Tax season is well underway in the United States, with taxpayers having until 18 April to file.

This deadline has been pushed back for some residents in Alabama, California, and Georgia after natural disasters created hurdles for many to submit their returns on time. Taxpayers who feel that they made need an extension can also apply for one without penalty, and the IRS will push back the due date to 16 October.

Check out the top tips from the IRS to ensure you see no delays in receiving your tax refund.
Experts warn that the pandemic accelerated workplace automation

In February, an article published in the Journal of Environment and Occupational Medicine found that 14.3 percent of a broad cross-section of workers surveyed had their role partially or entirely automated during the pandemic. Days later, a working paper discussing this very issue was published by the Federal Reserve Bank of Chicago, titled ‘The Covid-19 Pandemic Spurred Growth in Automation: What Does this Mean for Minority Workers?’ The authors of the paper Kristen Broady, Darlene Booth Bell, Anthony Barr, and Ryan Perry, aimed to update the central bank’s analysis of the demographic groups whose jobs are most threatened by automation.

However, while the pandemic may have accelerated the automation of many jobs, placing technological progress and the interest of workers at odds is a false choice we don’t have to make it. Find out why in our full coverage from Maite Knorr-Evans.
Tax refund over $10,000 | Who is eligible and how to apply

The United State’s tax season is in full swing. It kicked off 23 January and runs through 18 April, the Internal Revenue Service (IRS) will be receiving and processing tax returns from companies and individual taxpayers for fiscal year 2022.

According to official figures from the government entity, in 2023 around 168 million Americans are expected to file their respective tax returns.

Year after year, thousands of people are eligible to receive tax credit that can result in a refund. However, not all potential beneficiaries claim the money, leaving thousands of dollars on the table. Here’s how you might be eligible for a refund of more than $10,000 from the IRS.

First Citizens shares soar to record heights after buying Silicon Valley Bank

Shares of First Citizens Bank climbed to a record high on Tuesday, extending gains for a second day after scooping up the assets of failed Silicon Valley Bank.

Reuters Business reports that First Citizens, which has built a reputation of buying troubled rivals bought all of SVB's loans and deposits, giving the Federal Deposit Insurance Corp equity rights in its stock worth as much as $500 million in return.

SVB's collapse has triggered the worst banking shock since the 2008 crisis. Policymakers, regulators and central banks have emphasized that the turmoil does not signal another global financial crisis.

The smaller banks' loss is the big banks' gain

Bank customers moved their deposits to large companies from smaller ones amid a banking crisis that led regulators to seize two regional lenders in quick succession.

According to Bloomberg, data collected by the Federal Reserve showed that large banks gained $120 billion in deposits while their smaller counterparts lost $109 billion, Moody’s Corp. said in a research report.

Small banks’ total deposits fell 1.5% in the week through March 15 from a year earlier, the first annual decline since 1986.

Qualifying for Florida unemployment benefits

To qualify for Florida unemployment benefits, you must meet these criteria:

Loss of a job: You must have lost your job through no fault of your own. You must be totally or partially unemployed. Partially unemployed means your hours were reduced or you’re a part-time worker who can’t find additional work.

Previous earned money: You must have earned at least $3,400 before taxes in what is called the “base period,” which is the first four complete quarters beginning 18 months prior to your claim.

Seeking work: You must be able to work, available to work, and actively seeking work. This includes being able to get to a job and have child care if necessary.

Hello and welcome to AS USA's live blog on relief checks and financial news. We will bring you the latest on tax season, Social Security, the Fed's interest rate hikes, and much more. 

Next week, the Bureau of Labor Statistics will release the March Employment Report, which will provide another data point on the impact the Federal Reserve's move to raise rates has had on the labor market. Currently, the unemployment rate stands at 3.6 percent and is expected to rise to 4.5 percent or higher by the end of the year. 

The Supreme Court has heard oral arguments over President Biden's debt relief program and is expected to provide its ruling in the coming months. The program would cancel between $10,000 and $20,000 dollars in undergraduate debt depending on their current income and whether or not they received a Pell Grant to fund their studies. 

Taxes are due Tuesday, 18 April! Make sure to follow along for the latest guidance from the IRS.

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