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Did You Know…?

June 29, 2021 | Tax Planning

The American Rescue Plan includes a significant overhaul of the child tax credit, but only for the 2021 tax year. The IRS and Treasury created a website for taxpayers to opt out of receiving advance payments, or to provide information on status changes that would impact the amount of the credit at https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

IR-2021-130: IRS announces two new online tools to help families manage Child Tax Credit payments (govdelivery.com)

Our VNFA Tax Department sent out personalized recommendations to clients who may be affected last week. Please look for an e-mail from tax@valleynationalgroup.com, or reach out to us with any questions.