A Great Idea!!

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  • Snaggletooth
    Senior Member
    • Jun 2005
    • 3314

    #1

    A Great Idea!!

    No more gimmicks from Congress. No more stimulus, no more advance child credit, NOTHING. Until the IRS gets caught up on its normal job. Processing Returns. Issuing Refunds. Answering correspondence. Auditing. No more of this crap coming down from the politicians.
  • BOB W
    Senior Member
    • Jun 2005
    • 4061

    #2
    Keep dreaming. 2022 is the mid-term elections. Current congress wants to stay in control and they will do all to stay in control.. More handouts are in the cards like it or not. Lets just hope that at least the freebees happen before tax season and not during tax season.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

    Comment

    • ATSMAN
      Senior Member
      • Jul 2013
      • 2415

      #3
      I don't think they have the votes to do another Stimulus Check, but I do think many states will extend the UI benefits that expire in September until year end. Some states have revoked that benefit so Federal funds are available for other states. The advanced CTC is going to be the big headache next tax season.
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

      Comment

      • TAX4US
        Senior Member
        • Mar 2010
        • 551

        #4
        Most of my clients are going to opt out when available to do so. They don't like the risk on the other end. What is a general consensus of how your clients feel?

        Comment

        • Snaggletooth
          Senior Member
          • Jun 2005
          • 3314

          #5
          Originally posted by TAX4US
          Most of my clients are going to opt out when available to do so. They don't like the risk on the other end. What is a general consensus of how your clients feel?
          I hope most of mine opt out as well. However, people are so used to this "free" money that they don't even know there is a downside.

          Comment

          • Uncle Sam
            Senior Member
            • Jul 2006
            • 1461

            #6
            Feduke asked a question that I'm wondering too. What is the opt out for? We don't understand why.
            Uncle Sam, CPA, EA. ARA, NTPI Fellow

            Comment

            • TAX4US
              Senior Member
              • Mar 2010
              • 551

              #7
              As I understand TP can elect not to receive this early payment during the year(CTC and the CC credit). Risk is some of my clients have off years for kids and a possibility that they may have to give back some of this $. Just a perception I am seeing.

              Comment

              • Uncle Sam
                Senior Member
                • Jul 2006
                • 1461

                #8
                Off year dependent type clients due to divorce/separation aren't the only ones involved here.
                What about newborn children in 2021 where the parent(s) just got through a miserable COVID year with unemployment insurance, a delayed refund due to government inefficiency?
                At present there's absolutely NO guidance on how an application can be made for advance CTC payments for the newborns.
                Uncle Sam, CPA, EA. ARA, NTPI Fellow

                Comment

                • Anarchrist
                  Senior Member
                  • Oct 2006
                  • 351

                  #9
                  NO guidance on how an application can be made for advance CTC payments for the newborns.
                  Pretty sure it can't be.

                  "Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen

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