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Chuck Marr - 5 Marr - 1 Steven Hamilton - 1 Hamilton - 1 Tommy Lucas - 1 Moisand Fitzgerald Tamayo - 1 Lucas - 1 Garrett Watson - 1
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☆ House passes child tax credit expansion — which could benefit millions of families, experts say
  + stars: | 2024-02-01 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
J_art | Moment | Getty ImagesHouse lawmakers on Wednesday night passed a $78 billion bipartisan tax package, including a child tax credit expansion that could benefit millions of children in low-income families, according to policy experts. If enacted, the bill would expand access to the child tax credit, or CTC, and retroactively boost the refundable portion for 2023, which could affect taxpayers this filing season. The child poverty rate "precipitously dropped" during the 2021 child tax credit expansion, Hamilton said. Modeling a permanent version of the 2021 child tax credit increase, the report projects higher graduation rates and future earnings for childhood child tax credit recipients. Nikhita Airi Research analyst at the Urban-Brookings Tax Policy Center
Persons: Chuck Marr, Marr, Steven Hamilton, Hamilton Organizations: Images, Center, Budget, Urban, Brookings Tax, The George Washington University, Rescue Plan, Columbia University, . Census, CTC, Urban Institute, Modeling, Airi
☆ These are the proposed changes to the child tax credit — and how much you could get
  + stars: | 2024-01-24 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Kate_sept2004 | E+ | Getty ImagesHouse lawmakers on Friday advanced a $78 billion bipartisan tax package, which includes temporary child tax credit changes that could affect millions of families this filing season. The plan temporarily expands access to the child tax credit with retroactive changes. Here's what to know about the proposed changes to the child tax credit as the opening of tax season, on Jan. 29, quickly approaches. How the child tax credit worksCurrently, the child tax credit is worth up to $2,000 per qualifying child under age 17 for 2023 and reduces your taxes on a dollar-for-dollar basis. How much the child tax credit could increaseIf enacted, the bipartisan tax bill would make several temporary changes to the child tax credit that could benefit the lowest-earning Americans, according to the Urban-Brookings Tax Policy Center.
Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Chuck Marr Organizations: Getty Images, Urban, Brookings Tax, Center, Budget Locations: Orlando , Florida
☆ Bipartisan tax deal could boost child tax credit for 2023. What it means for families this tax season
  + stars: | 2024-01-16 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Hinterhaus ProductionsHow much the credit could be worth for familiesWhile less generous than the enhanced child tax credit enacted during the Covid-19 pandemic, the changes would boost the maximum refundable tax break to $1,800 per child for 2023, up from the current 2023 limit of $1,600. The limit would increase to $1,900 for tax year 2024, and $2,000 for tax year 2025, along with inflation adjustments. "It's extremely well-targeted to provide significant relief to millions of low-income families," said Chuck Marr, vice president for federal tax policy for the Center on Budget and Policy Priorities. 'Not much time in a best-case scenario'With proposed retroactive changes for 2023, there's pressure to enact the legislation by the opening of tax season on Jan. 29. "But there's not much time in a best-case scenario," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.
Persons: Chuck Marr, Garrett Watson, Watson Organizations: Hinterhaus, Center, Budget, Tax Locations: U.S
☆ IRS to target 'unscrupulous' tax preparers amid crackdown of small business tax credit
  + stars: | 2023-09-24 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Chip Somodevilla | Getty ImagesIRS scrutiny of the employee retention creditThe plan is part of the agency's elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. A pandemic-era tax break, the employee retention credit, or ERC, was designed to support small businesses that kept employees on payroll during shutdowns or revenue declines in 2020 and 2021. He included the earned income tax credit, a tax break claimed by low- to moderate-income filers, which has been prone to mistakes due to complex eligibility requirements. While IRS audit rates have dropped overall, the rates have declined more slowly for filers claiming the earned income tax credit than higher earners. "The IRS audits a higher percentage of taxpayers with the earned income tax credit than any other taxpayers, except those with at least $5 million of total positive income," National Taxpayer Advocate Erin Collins wrote in her 2022 report.
Persons: Daniel Werfel, Chip Somodevilla, April Walker, Werfel, Chuck Marr, Erin Collins Organizations: Senate, Getty, American Institute of CPAs, ERC, IRS, Budget, National Taxpayer, filers Locations: Worth
☆ IRS will 'substantially' reduce audits on low-income tax credit, commissioner says
  + stars: | 2023-09-19 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
The IRS is shifting how it examines tax returns of lower earners as part of its broader effort to address inequity in enforcement. Starting in fiscal year 2024, the agency will "substantially" reduce the number of so-called correspondence audits — which happen by mail — for certain tax credits. This includes the earned income tax credit, claimed by low- to moderate-income filers, according to a letter sent on Monday by IRS Commissioner to Senate Finance Committee Chair Ron Wyden, D-Ore. The letter comes roughly one week after the IRS unveiled plans to use boosted technology and artificial intelligence to collect unpaid taxes from higher earners, partnerships and large corporations. More from Personal Finance:IRS halts processing of a small business tax breakThe IRS plan to use AI may affect wealthy taxpayersBlack taxpayers more likely to face audits, IRS confirms"It's part of this whole rebalancing," said Chuck Marr, vice president for federal tax policy at the Center on Budget and Policy Priorities.
Persons: Ron Wyden, Chuck Marr Organizations: IRS, Finance, Budget
☆ Congress’ lame duck session leaves 'unfinished business' on issues that address Americans' everyday financial needs
  + stars: | 2022-12-23 | by ( Lorie Konish | ) www.cnbc.com   time to read: +5 min
Sarah Silbiger | Bloomberg | Getty ImagesChild tax credit enhancementA year ago last December, millions of families received their last monthly child tax credit checks. Legislation to help parents cope with the effects of the Covid-19 pandemic made the child tax credit more generous for the 2021 calendar year. The maximum child tax credit sums went up from $2,000 per child to $3,600 per child under age 6 and $3,000 per child ages 6 through 17. On the bright side, the same compromise to re-up the child tax credit alongside corporate tax breaks may come up again in 2023, he said. Some lawmakers have insisted the child tax credit gets included in any new tax legislation.
☆ Americans will soon be able to save a lot more for retirement — but it might help the wealthy the most
  + stars: | 2022-12-20 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
It includes changes to Americans' retirement savings, like raising the age of required withdrawal. A significant element of the bipartisan government spending plan included changes to Americans' retirement funds. It also allows an increased contribution in retirement savings for older workers and paves the way for automatic enrollment for workers starting in 2025. White Americans are far more likely to have retirement savings, and those savings dwarf those of Americans of color. Some Democratic lawmakers acknowledged they did not get to include everything they had hoped for in this spending package, like increased funding to help Americans recover from the pandemic.
☆ Democrats want to bring back Biden's child tax credit soon — and a new report shows it was a huge success in fighting child poverty
  + stars: | 2022-09-14 | by ( Joseph Zeballos-Roig | Madison Hoff | Jason Lalljee | ) www.businessinsider.com   time to read: +5 min
The expanded child tax credit helped slash child poverty by roughly half, and some Dems want to bring it back. "This was a historic achievement to reduce child poverty by a record amount driven by the expansion of the child tax credit." He added that given the expanded child tax credit has expired, "the challenge now is for the Congress to extend it." Some Democrats want to bring back the expanded child tax creditThe enhanced child tax credit provided up to $300 monthly checks per kid to parents for six months. Without measures like the expanded child tax credit, poverty likely increased in 2022.
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