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.
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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.
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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. - FDRComment
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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
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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 FellowComment
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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
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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 FellowComment
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Pretty sure it can't be.NO guidance on how an application can be made for advance CTC payments for the newborns.
"Taxation is the price we pay for failing to build a civilized society." ~ Mark SkousenComment
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