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Advance Child Tax Credit Payments

Advance Child Tax Credit Payments

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00594-21-S)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0568)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit of Federal Tax Update for Oregon Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

Overview

  • What If I Do Not Get a Letter?
    2 mins
  • Child Tax Credit Update Portal
    10 mins
  • What If Income Over Threshold
    17 mins
  • Defaulted Student Loans
    26 mins
  • Reference
    37 mins

Course Description

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

Learning Objectives

  • 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. 

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Trust & Estate Tax Professional
  • Young CPA

Testimonial

4.4

(9)
44%
56%
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RR

The instructor was very knowledgeable about the topic and explained the information very well. I would recommend this course to others.

NB

This was my first self-study from myCPE and I found it incredibly easy and useful.