The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly.
Child Tax Credit changes are happening quickly
The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly. The expanded Child Tax Credit is part of the Tax Relief for American Families and Workers Act, which was passed in the House on January 31st. However, the $78 billion bill is currently stalled in the Senate.
The House passed tax extenders legislation that revives the enhanced Child Tax Credit, the ability to fully deduct R&D expenses in the first year, 100% bonus depreciation, disaster tax relief, and more.
