Allyson Versprille of Bloomberg News has made available for download her article, “Tax Pros Caution Some Clients on Taking Monthly Child Tax Credit” which discusses how the upcoming IRS tool, the Child Tax Credit Update Portal, may help households and raises other concerns IRS may need to adjust. The article begins as follows:
Some tax professionals are urging clients to consider opting out of receiving new monthly payments of the child tax credit because they could end up having to pay back that money next filing season.
The American Rescue Plan enacted in March increased the benefit for 2021 and directed the IRS to deliver half of the amount that families are eligible for in checks beginning in July. The payments are worth up to $300 per month for each child under age 6, and up to $250 for each child ages 6 to 17.
To see the full article, click here: “Tax Pros Caution Some Clients on Taking Monthly Child Tax Credit”.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.