Tax Changes

IRS Announces that the Advanced Child Tax Credits are coming.

Eligible taxpayers who do not want to receive advance payment of the 2021 Child Tax Credit will have the opportunity to decline receiving advance payments. Taxpayers will also have the opportunity to update information about changes in their income, filing status or the number of qualifying children. More details on how to take these steps will be announced soon.

The portal will initially only allow an OPT OUT, no other features.

Link to the news release: IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15 | Internal Revenue Service

Link to the new Child Tax Credit Page — which will be updated with relevant information: Advance Child Tax Credit Payments in 2021 | Internal Revenue Service (