The Child Tax Credit is a tax benefit provided to eligible American families for each qualifying dependent child. It was brought into existence to aid US nationals to support their families and, after that, expanded by the American Rescue Plan Act of 2021. Experts estimate it to shrink the number of American children living in poverty by 45%.
These advance payments delivered electronically or by cheque are annually worth up to USD 3,000 per child aged between 6 and 17 and USD 3,600 for children below six years of age. Families qualifying for the Advanced Child tax payments scheme will be receiving half of their credit in the form of monthly payments of up to USD 250 per school-age child and up to USD 300 per child below 6. The balance of the amount will be paid at the time of filing of tax returns by the taxpayer for 2021.
According to data published by the IRS, almost 90% of families with children in the US qualify for these benefits. All US nationals with dependent children (below 17 years of age) and a Social Security number can get the credit payments if they meet the income criteria. For families who do not usually file a tax return, the IRS has provided an online tool to register to receive their credit payments on time. Families that makeup to USD 200,000 (or USD 400,000 for married couples filing jointly) are eligible for the standard USD 2,000 per child credit.
Presenting, webinar presented by Lawrence Pon, CPA on "Advanced Child Tax Credit Payments"and will cover the fundamentals of child tax credit payments, calculation provided by IRS, and eligibility tests for the advance child tax credit in-depth and taxability of the same. The presenter will also explain the calculation of two-tiered phase-out amounts.
myCPE premier free live webinar on monthly tax update regularly to keep the tax professionals updated with the federal tax laws. The monthly tax update webinar is presented by National Tax faculty Jason Dinesen and the course is highly rated 4.7 Stars out of 5 stars by the tax professionals, we recommend you to attend this webinar every month.
As with the unveiling of most new government schemes, scammers try to dupe people by posing as representatives of the government. Bear in mind, the IRS never initiates contact through email, text message, or social media channels for personal information. Watch out for emails with attachments or links that claim to provide information related to Child Tax Credit or refunds thereof. Stay alert of scammers trying to steal personal information and money through fraudulent schemes in the name of Child Tax Credit.
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The Authors, Allen Smith is a Practicing Certified public accountant and senior vice president at myCPE – Continuing Education Platform for Professionals. He understands the current needs of the education domain and strategies for the presenters to adapt the new changes.
