Advance Child Tax Credit Payments

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: September, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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. 

Recommended For

This CPE/ CE webinar is suitable for any CPA, EA, AFSP, and Other Tax Professional or staff involved in preparation or review of individual tax returns or providing financial planning guidance to their clients

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

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00594-21-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0568)
  • 1 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00594-21-S)
  • 1 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00594-21-S)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

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

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 maintenance 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.

NASBA APPROVED

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 through its website: www.NASBARegistry.org.

CTEC APPROVED

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

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

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. 


About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

  • Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
  • IRS and State Audit Representation
  • Financial Planning
  • Estate Planning and Preparation
  • Business startup services including Business Planning
  • Tax Planning and Consulting
  • Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.6

20 Ratings

Excellent

11

Very Good

9

Average

0

Poor

0

Terrible

0

AL

Ajana Lee, CPA (US)

Apr 22nd, 2022

The CPE was very well done.

RR

Robert Robinson

Sep 30th, 2021

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

NB

Nicole Bartle, CPA (US)

Aug 18th, 2021

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

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