Tax Alerts

IRS Updates FAQs on 2021 Child Tax Credit and Advance Child Tax Credit Payments

The IRS has updated its frequently asked questions (FAQs) on the 2021 Child Tax Credit and Advance Child Tax Credit Payments. The IRS has issued these updates to help eligible families properly claim the credit when they prepare and file their 2021 tax returns. These changes reflect that Publication 972, Child Tax Credit, has become obsolete. Taxpayers should refer to Schedule 8812, Form 1040. Schedule 8812, Form 1040, is now used to calculate child tax credits, to report advance child tax credit payments received in 2021 and to determine any additional tax owed if excess advance child tax credit payments were received during 2021. The FAQs revisions and additions are as follows:

  • 2021 Child Tax Credit and Advance Child Tax Credit Payments — Topic B: Eligibility for Advance Child Tax Credit Payments and the 2021 Child Tax Credit: Q3
  • 2021 Child Tax Credit and Advance Child Tax Credit Payments — Topic C: Calculation of the 2021 Child Tax Credit: Q1
  • 2021 Child Tax Credit and Advance Child Tax Credit Payments — Topic D: Calculation of Advance Child Tax Credit Payments: Q1

The IRS has issued these FAQs to provide general information to taxpayers and tax professionals as expeditiously as possible.

IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]

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IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]

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Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]

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IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

IRS Issues Statement on CP-14 Notices

The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]

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IRS Issues Statement on CP-14 Notices

IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]

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IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

Educators Reminded About 2022 Educator Expense Deduction Rise, IR-2022-148

The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they […]

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Educators Reminded About 2022 Educator Expense Deduction Rise, IR-2022-148

IRS Announces New Sign-In Process for Form 990-N Filers

The IRS has announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic […]

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IRS Announces New Sign-In Process for Form 990-N Filers

FL - Taxpayer lacked standing to challenge department's former practice

The taxpayer did not have standing to contest a notice of proposed assessment that assessed Florida sales and use tax, […]

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FL - Taxpayer lacked standing to challenge department's former practice

IRS Announces More Options for Taxpayers to Correct and Amend Returns Electronically, IR-2022-130

The IRS has announced that more forms can now be amended electronically. This includes filing corrections to the Form 1040-NR, […]

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IRS Announces More Options for Taxpayers to Correct and Amend Returns Electronically, IR-2022-130

IRS Issues Directions to Employees for Video Meetings with Taxpayers

The IRS has issued directions for its taxpayer facing employees to hold video meetings with taxpayers and their representatives. Going […]

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IRS Issues Directions to Employees for Video Meetings with Taxpayers