IRS Commissioner Charles Rettig stated recently that taxpayers should not file their 2021 return until the Additional Child Tax Credit (ACTC) has been reconciled either with IRS Letter 6419 (estimated mailing date January 21, 2022) sent to taxpayers or using IRS transcript data. During the 2019 tax filing season, over 10 million tax returns were held for manual processing causing an enormous backlog and delayed refunds. The IRS does not want this to happen again.  Taxpayers may also be leaving money on the table if they do not reconcile their EIP payments. This presentation will teach Tax Pros the various resources they can use to reconcile the various payments to avoid delayed refunds.
 
Learning Objectives:

• Recall the various tax credit payments and how they impact the 2021 tax return


• Identify the credits on the IRS account transcripts


• Determine other methods to obtain the tax credit payment information


• Recommend a strategy to ensure your clients are not missing out on any potential tax credits


• Plan to prevent delayed refunds from IRS review and reconciliation of credits