The Child Tax Credit (CTC) was increased for 2021 and the IRS was tasked with quickly making direct periodic payments to eligible families for part of the year. How did the IRS do? The Treasury Inspector General for Tax Administration (TIGTA) took a look at the accuracy of the payments. Overall, the IRS hit 98% accuracy, but 8.3 million payments to eligible taxpayers didn’t go out and 3.3 million went out to ineligible taxpayers. Some of the IRS follow-up letters that recipients used to reconcile their payments on their 2021 tax returns also contained errors. TIGTA issued several recommendations aimed at preventing such errors and improving accuracy. Here’s the audit: https://bit.ly/3CgZm9B Call or visit our website for more information! www.mjscpa.com/
