Congress’ decision to expand the child tax credit to allow more individuals and couples to qualify, including those without income, has raised concerns of heightened fraud and improper payments made by the IRS.
House Majority Leader Steny Hoyer (D-Md.) urged the Treasury Department and the IRS on Tuesday to “tighten up the system” as the agencies prepare to send out advance monthly child tax credit (CTC) payments.
You DON’T need “collectable” coins. Physical Gold and Silver bullion protects your wealth at home or in a retirement account. Contact Ira and learn why “collectable” coins aren’t worth their weight in gold.
As the IRS begins to roll out an automatic advance monthly payment system for the CTC with the first payments starting in July, there’s a risk of double CTC claims in “split custody situations,” according to Garrett Watson, an expert with the Tax Foundation.
The monthly payments were included as part of President Biden’s $1.9 trillion American Rescue Plan. The payments would be based on information reported to the IRS on tax year 2020 or 2019 returns. The $1,400 stimulus payments in Biden’s rescue plan were based on the same tax information.
“One risk is in figuring out who gets monthly payments in split custody situations,” Watson told Just the News. “Right now, there is often agreement to alternate claiming the credit annually, and it’s unclear how that would translate to monthly payments. There is a risk of double claims, if there isn’t a straightforward way to figure that out, resulting in clawbacks.
“The other risk is when advancing the credit, the filer needs to accurately account for expected income and marital status. Getting those wrong could result in needing to pay some of the advanced amount […]
Read the rest of this story here: justthenews.com
Ira Bershatsky offers consultations to those who want to invest in precious metals. During these consultations, he will match your current financial situation with the best physical precious metal purchases whether you want to rollover your IRA or have coins discreetly shipped to your home. You will not talk to a telemarketer or sales rep. You will talk to a true expert in precious metals with decades of experience helping people protect and advance their wealth.
