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More Confusion on the Stimulus Front
Although the House of Representatives passed the Heroes Act earlier this month, passage of the Act remains stalled in the Senate and the Act’s provisions–including a new round of stimulus payments–remain in discussion. Meanwhile, some folks are reporting that “extra” stimulus payments have been received, prompting speculation that the rumored “second round” is happening. Not so, writes NJ.com’s Karin Price Mueller in a post on their website. Ms. Mueller’s article describes some of the confusion that has emerged from the first economic impact payment process, and references some instances of the “extra” payments being received, and cites some of the instructions provided by the IRS for returning incorrect payments. Her bottom line: “So if you get an extra payment, don’t spend it. Just wait for additional guidance from the IRS, which we’ll bring you once it’s available. But we have a feeling you’re going to have to send it back.”