December 15 marked the last of the advanced child tax credit payments. Those taxpayers that were eligible to receive the advanced child tax credit payments were receiving checks from the IRS on the 15th of every month starting in July. There is a plan to extend these through the Build Back Better legislation before the new year but needs to be before President Biden to be signed. If the new legislation does not pass and get signed into law, the tax credit will revert to the smaller pre-pandemic level amount.
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult a tax, legal and accounting advisors before engaging in any transaction or submitting any IRS form.
Ramin Mohammad
Ramin Mohammad is a lawyer and CPA with over 15 years of experience including working in audits, teaching, and in big law. Ramin helps clients on both personal and business related tax issues ranging from a multitude of practice areas including tax structuring, planning and cross jurisdictional taxes. His client-base expands throughout the US and overseas offering tax consulting, tax planning and tax preparation.
