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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Bipartisan plan could affect how child tax credit is claimed
A bipartisan group of lawmakers is pressing for a plan that could affect the way that millions of Americans claim the popular child tax credit (CTC).
© The Associated Press
The proposal would require greater specificity from the IRS when it comes to logging and correcting simple accounting errors on Americans’ tax returns.
The IRS issued at least 9.4 million math error notices, according to the National Taxpayer Advocate (NTA) during the 2022 filing season.
The vast majority of those at 8.3 million pertained to the pandemic-related recovery rebate credit as well as the child tax credit. Twenty-four percent of all math error notices in tax-year 2022 were related to the CTC, according to IRS data.
There were 2.7 million math errors logged by the IRS in fiscal 2023 and 2.2 million notices sent out about them, according to the most recent IRS databook.
Currently, the IRS has the authority to fix math errors on behalf of taxpayers, as long as it gives them a general notice of the adjustment and 60 days in which to respond.
The new bipartisan bill seeks to force the IRS to spell out exactly what the error on the tax return is and to provide a computation of what the agency believes is the proper amount of tax owed.
The Hill's Tobias Burns has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley andTaylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Full Story New bill would force IRS to explain tax return errors
A newly proposed change to the tax code would require greater specificity from the IRS when it comes to logging and correcting simple accounting errors on Americans’ tax returns, a plan that could affect the way that millions of Americans claim the popular child tax credit (CTC).
Full Story The Ticker
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You're all caught up. See you tomorrow!
Senators press IRS for error fix
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19.04.2024
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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Bipartisan plan could affect how child tax credit is claimed
A bipartisan group of lawmakers is pressing for a plan that could affect the way that millions of Americans claim the popular child tax credit (CTC).
........
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