02/22/2024
𝙃𝙚𝙧𝙚 𝙞𝙨 𝙩𝙝𝙚 𝙪𝙥𝙙𝙖𝙩𝙚 𝙖𝙗𝙤𝙪𝙩 𝙩𝙝𝙚 𝘾𝙝𝙞𝙡𝙙 𝙏𝙖𝙭 𝘾𝙧𝙚𝙙𝙞𝙩 𝙛𝙤𝙧 2024.
The Committee, Chairman Jason Smith, asked, "If the bill passes in the Senate and is signed into law, how quickly will you be able to make the child tax credit adjustment?"
IRS Commissioner Daniel Werfel responded, "The range is 6 to 12 weeks. I am working diligently to ensure we're close to 6 weeks."
Chairman Smith reconfirmed, " So just to be clear, we have your commitment that the IRS will move as quickly as possible to implement these changes?"
IRS commissioner responded with, " It will be top priority to make sure that this gets done."
𝐓𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐜𝐨𝐧𝐟𝐢𝐫𝐦𝐬:
✅If you are entitled to more money, you don’t have to do anything.
✅IRS will automatically send your additional money.
✅You don’t have to file an amended tax return.
Chairman smith asked, “Can you confirm that taxpayers DO NOT need to file amended return to obtain the adjustments the bill makes?
IRS Commission responded with “Yes”
𝐓𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐜𝐨𝐧𝐟𝐢𝐫𝐦𝐬:
✅10-15 million households will get additional money
✅A lot of families will not get any extra money
✅There are about 120 million household in the US
Chairman Smith asked “ The majority of American taxpayers will not have no adjustments to their taxes from the child tax credit changes in this bill. In fact, can you confirm that only 10% of household will be affected and receive adjustments to their tax returns?
Irs commissioner responded with “Yes”.
Reminder, “The Senate still has not passed the additional Child Tax Credit. We are still waiting for them to vote. After it passes, it is put to the president to sign. The Senate went on vacation (12-day winter recess) so we will have to wait until they get around to passing this bill. The Senate will be focusing on the impeachment for the Homeland security and the Government Funding.
