On its website, the IRS is providing information on the effects of advance Child Tax Credit (CTC) payments on other amounts owed to or from a taxpayer. Specifically, CTC payments won’t be reduced (that is, offset) for overdue taxes from previous years or other federal or state debts that taxpayers may owe. However, if taxpayers receive a refund when they file their 2021 returns, any remaining CTC amounts included in the refund may be offset for federal or state tax debts owed. In addition, advance CTC payments won’t be counted as income when determining if a taxpayer is eligible for federal benefits or assistance. For more information: http://bit.ly/3Blfaa7 Call or visit our website for more information! www.mjscpa.com/
