myCPE
myCPE

Advance Child Tax Credit Payments 1 Credit

Sep 08, 2021, 03:00 PM ET

Advance Child Tax Credit Payments 1 Credit

  • Lawrence Pon

    CPA/PFS, CFP, EA, USTCP, AEP
  • Rating

    4.7
  • Reviewed on

    November, 2023
  • Subject Area

    Taxes

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Sep 08, 2021, 03:00 PM ET

Learning Objective

  • To discuss how to compute the amount of the child tax credit.
  • To discuss how to compute the amount that will be the Advance Child Tax Credit Payments. 
  • To calculate the two-tiered phase out amounts. 
  • To determine whether the taxpayer should opt out of these advance child tax credit payments. 
  • To explore the portals the IRS has on its website. 
  • To analyze the ways to increase the amount of the child tax credit. 

Course Overview

Your clients may be getting another letter from the IRS!  But wait, it may be good news.   

The IRS will be sending eligibility letters to families who qualify for the advance Child Tax Credit payments starting on July 15th.  More than 36 million families will be getting these letters.

How many of them are your clients?  

You will know when you start getting confused calls from your clients.

As part of the American Rescue Plan that was signed in the middle of tax season, not only did the child tax credit increased, it will be partially paid in advance.

Families who are eligible for the Child Tax Credit payments will receive a second personalized letter listing an estimate of their monthly payment

The IRS will be sending payments to taxpayers for the Advance Child Tax Credit Payments.  The IRS is setting up a portal to allow taxpayers to opt out of these payments or make adjustments to their information. Taxpayers are going to need your help! 

Major topics highlighted in this online CPE/CE webinar:

  • What are child tax credit payments?
  • What if you do not get a letter?
  • How does the IRS calculate the payment?
  • What is advance child tax credit eligibility assistant and how to use it? 
  • Are these payments taxable?


Click to access more CPE webinars on Sales & Use Tax | Accounting & Auditing | IRS Audit & Representation

On Demand Credits for All Qualifications

Nano Credits for All Qualifications

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1573) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-01980-24-S) 1 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Taxes for Chartered Life Underwriter (CLU) 1 CE Eligible
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1573) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-01980-24-S) 1 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Taxes for Chartered Life Underwriter (CLU) 1 CE Eligible
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1573) 1 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-01980-24-S) 1 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1 CPE Eligible
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01980-24-S) 1 CE Approved
Taxes for Chartered Life Underwriter (CLU) 1 CE Eligible
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1 CPE Approved
Enrolled Agents (EA) (Approval No. GEHNZ-U-00594-21-O) 1 CE Approved
Taxes for Annual Filing Season Program (AFSP) 1 CE Approved
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0568) 1 CE Approved
Personal Financial Specialist (PFS) 1 CPD Eligible
Chartered Financial Analyst (CFA) 1 PL Eligible
Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00594-21-O) 1 CE Approved
Certified Wealth Strategist (CWS) 1 CE Eligible
Certified Fiduciary and Investment Risk Specialist (CFIRS) 1 CE Eligible
Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00594-21-O) 1 CE Approved
Taxes for Chartered Life Underwriter (CLU) 1 CE Eligible

Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

About Instructor

Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA 

Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.  

Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning. 

Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco. 


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To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

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Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

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To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

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After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

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What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

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After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

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This was by far the most educational and pleasant myCPE course I have taken. The instructor was knowledgeable, pleasant and engaging, presenting the information in an understandable manner. He shared a wealth of valuable, timely information. I am putting some of the handout information in my office resource book because I know I will need to refer to it in the future.

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This was the first course I have taken through MyCPE. I LOVED it. It was very defining and the instructor was very knowledgeable and thorough. I found it very beneficial in that he also provided the external links for any references. I will definitely continue taking these course. Thank you, OUTSTANDING job.

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