IRS updates on missing stimulus checks, House plans to help mail delays: What today's news means for your money

Goldman Sachs expects the S&P 500 to rise another 7% before the end of 2020, and the IRS is catching up on missing stimulus checks. How today's news may affect your money.


Missing stimulus checks and delayed mail are making news today. Here's how the headlines could affect your money:

Goldman Sachs raises S&P forecast

The S&P 500 opened Monday close to its pre-pandemic record high. In a weekend note, Goldman Sachs analysts projected the benchmark index could rise another 7% by the end of 2020, based on expectations for rising corporate earnings and a coronavirus vaccine.

Analysts cautioned that the November presidential election could create short-term uncertainty. Remember to keep a long-term perspective.

IRS: What to do if you're missing $500 from your stimulus check

The CARES Act included an economic impact payment of up to $500 for children under 17, but families receiving certain federal benefits may not have gotten that money. 

Checks are already in the mail for many of those affected, the agency announced Friday. The IRS also reopened its non-filer registration tool through September 30 for eligible families to submit their details if they haven't already done so. 

U.S. Postal Service woes bring the House back early

Speaker of the House Nancy Pelosi is recalling the House back from its summer recess to address U.S. Postal Service problems, including funding woes and mail delays. The House Oversight Committee has called on Postmaster General Louis DeJoy to testify at a hearing next week, and on Monday afternoon, he agreed to do so.

Lawmakers are concerned about how USPS changes could affect mail-in voting and the election. Delayed mail can also affect your finances: With the first round of stimulus payments, for example, roughly 39 million payments were sent by check or prepaid card in the mail. 

Where your federal taxes are spent

Video by David Fang

Words you've heard: Non-filers

Not everyone needs to file a federal tax return. Non-filers, according to the IRS, are those who were not required to file because they had little or no taxable income.

Even if you're not required to file a tax return, you may want to. The IRS is hanging on to billions of dollars in unclaimed tax refunds, much of it for students, part-time workers, and other taxpayers who did not file a return. 

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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