06/22/2021
The Internal Revenue Service will begin sending out the advance Child Tax Credit payments on July 15. There is an option to be able to opt out of these advance payments. If you do not opt out, they will be sent to you directly each month either by mail or direct deposit. Please see the attached notice from the Internal Revenue Service regarding the Credit, eligibility, and the payments. This notice will take you to the Credit information page where there is a link to access the opt out information. If you receive these advance payments, it will reduce the amount of the credit to be claimed on your 2021 return. Please contact your tax professional with any questions.
WASHINGTON — The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. These two new tools are in addition to the Non-filer Sign-up Tool, announced last week, which...