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HomeFinance NewsAnswering Child Tax Credit Questions in Dallas-Fort Worth – NBC 5.

Answering Child Tax Credit Questions in Dallas-Fort Worth – NBC 5.

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Congress is considering changes to the tax law that would increase child tax credits, potentially leading to larger refunds for families starting with the 2023 tax year. The U.S. House has already passed legislation to expand the refundable child tax credits, but it remains uncertain whether the U.S. Senate will vote on it or make any amendments. Tax preparers are advising clients not to wait for confirmation from Washington before filing their 2023 federal income tax return, as the IRS will likely make adjustments if there is a change to the tax law that impacts refunds.

Duke Alexander Moore, a tax preparer in Dallas, reassures clients that they do not need to wait to file their returns, as the IRS has their data on file and will automatically apply credit to their account if they qualify, or issue a refund in the same method as received for the 2023 tax year. An IRS spokesperson declined to comment on pending legislation, while House Ways and Means Republicans have stated that Congress has engaged with the IRS to streamline updates, ensuring that taxpayers would not have to file amended returns in the event of a change to the tax law.

In conclusion, Congress’s potential change to the tax law that would increase child tax credits has raised questions for many taxpayers about whether they should wait for confirmation before filing their 2023 federal income tax return. While it remains unclear if the change will be approved, tax preparers are advising clients not to delay filing, as the IRS is likely to make automatic adjustments if there is an impact on refunds. House Ways and Means Republicans have also stated that they have engaged with the IRS to ensure that taxpayers will not have to file amended returns in the event of a change to the tax law.

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