Child Tax Credit: New IRS Portal for Filers and Non-Filers, Opting Out, Reconciling Advance Payments

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A


Thursday, October 28, 2021

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, October 1, 2021

or call 1-800-926-7926

This course will discuss the child tax credit (CTC), including using the new IRS portal for non-filers and filers, opting out of advance payments, and reconciling advance payments with a taxpayer's return. Our panel of tax credit experts will offer strategies, point out caveats, and provide examples of both for tax practitioners preparing returns eligible for this expanded credit.

Description

The American Rescue Plan Act raised the CTC to $3,000 for children ages six-seventeen, and $3,600 for children ages one-five, for 2021--more than tripling a credit that was just $1,000 before the 2017 Tax Act. Additionally, the CTC is now refundable and most notably partially paid in advance. To facilitate payments, IRS has established a portal where taxpayers can check the status of their payments, sign up if they are non-filers, update their tax information, or unenroll from the advance payments.

The IRS is using information from 2019 and 2020 to send these advance payments to eligible taxpayers. Prior year returns, particularly considering the recent pandemic, may not reflect a taxpayer's current tax situation. A divorced taxpayer may not claim a dependent every year. Familiar with the burden of determining economic impact payments received and reconciling them on recent returns, tax preparers are again charged with determining and reconciling advance payments. Tax practitioners are advised to determine and advise taxpayers on whether to unenroll from these pre-payments to avoid unanticipated tax liability this year.

Listen as our panel of income tax veterans explains the best approach for tax practitioners working with clients who qualify, or may not qualify, for the CTC.

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Outline

  1. Child care credit
  2. Eligibility
  3. Opting out
  4. IRS portal for filers and non-filers
  5. Repayments
  6. Divorced taxpayers
  7. Best practices

Benefits

The panel will cover these and other critical issues:

  • Recommendations for determining and reconciling advance payments with the actual credit
  • How a divorced taxpayer should approach the child tax credit
  • Specific examples of taxpayers who should unenroll from the advance payment of the CTC
  • When a taxpayer should update tax information at the new IRS portal

Faculty

Durkin, Terry
Terry Durkin, EA, MBA

Owner
Durkin Associates

Ms. Durkin is an Enrolled Agent and owner of Durkin Associates specializing in individual, small business, trust, and...  |  Read More

Kubey, Phyllis
Phyllis Jo Kubey, EA, CFP, ATA, ATP, NTPI

President
New York State Society of Enrolled Agents

Ms. Kubey specializes in IRS and state tax-related representation – audits, collection, non-filing cases, etc....  |  Read More

Attend on October 28

Early Discount (through 10/01/21)

CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event. See NASBA details.

Cannot Attend October 28?

Early Discount (through 10/01/21)

CPE credit is not available on downloads.

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