IRS Info Letters for Advance Payments

The IRS has indicated that it will issue information letters to recipients of advance payments of the child tax credit starting in December 2021, and it will issue information letters to recipients of the third round of economic impact payments at the end of January 2022.

It is vital that taxpayers know the amounts of such advance payments that they received, since these amounts must be reconciled with the allowable credits on the 2021 Form 1040.  If clients misplace these letters from the IRS, there are alternative means that practitioners can use to obtain the information.

If you have not already taken our seminar, our upcoming seminars in January provide in-depth information, strategies and considerations related to the newly-expanded child tax credit, advance child credit payments and the third round of economic impact payments for the 2021 tax year.  If you are not already registered, register here.