The Treasury Department and the Internal Revenue Service have launched a website for Americans who didn’t file their taxes for 2018 or 2019 to submit their bank account information so they can receive their coronavirus stimulus check.
The website, created in partnership with TurboTax parent Intuit, requests full names and social security numbers of the individual as well as spouses and dependents, mailing addresses and bank account and routing numbers.
The IRS is also developing a separate online portal for those who filed their taxes but didn’t provide bank account information, which it plans to launch later in April. It will also allow users to track the status of their payment.
Social Security recipients who didn’t file a tax return in 2018 or 2019 need not take additional action as their payment will be made in the same way they receive their social security payments.
The Treasury began making promises at the beginning of the month that the “overwhelming majority of eligible Americans” would receive their stimulus checks within three weeks.
Still, the solution excludes the 8.4 million U.S. households, including 14.1 million adults, who don’t have bank accounts. For them, it could take weeks or even months for a paper check to arrive in the mail. Aaron Klein, a fellow at the Brookings Institution, suggests the government could still be looking at sending 70 million paper checks.
The IRS received 156 million tax returns last year and issued refunds to about 112 million. Some 92 million received those refunds by direct deposit.
The new IRS portal also fails to account for the 21 million tax filers from last year that received a refund by direct deposit but didn’t provide their own bank account information to receive it, instead, creating a temporary bank account called a Refund Anticipation Check.
Not sure if you qualify for a stimulus check? Check out our guide here.
Many U.S. consumers say they’ve noticed higher than usual prices for holiday gifts in recent months, according to a a December poll from The Associated Press-NORC Center for Public Affairs Research. A contributing factor is the unusually high import taxes the Trump administration put on foreign goods. While the worst-case consumer impact that many economists foresaw from the administration’s trade policies hasn’t materialized, some popular gift items have been affected more than others. Most toys and electronics sold in the U.S. come from China. So do most holiday decorations. Jewelry prices have risen due to the cost of gold.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
President Donald Trump has signed an executive order to block states from regulating artificial intelligence. He argues that heavy regulations could stifle the industry, especially given competition from China. Trump says the U.S. needs a unified approach to AI regulation to avoid complications from state-by-state rules. The order directs the administration to draw up a list of problematic regulations for the Attorney General to challenge. States with laws could lose access to broadband funding, according to the text of the order. Some states have already passed AI laws focusing on transparency and limiting data collection.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
House Republicans in key battleground districts are working to contain the political fallout expected when thousands of their constituents face higher bills for health insurance coverage obtained through the Affordable Care Act. For a critical sliver of the GOP majority, the impending expiration of the enhanced premium tax credits after Dec. 31 could be a major political liability as they potentially face midterm headwinds in a 2026 election critical to President Donald Trump’s agenda. For Democrats, the party’s strategy for capturing the House majority revolves around pinning higher bills for groceries, health insurance and utilities on Republicans.
