IRS Pledges Swift Action on Child Tax Credit Refunds Amid Pending Legislation
IRS Commissioner pledges swift action to deliver enhanced child tax credits
FingerLakes – In a recent congressional hearing, IRS Commissioner Danny Werfel promised quick action to help American families by getting child tax credit refunds out speedily. This move comes in response to a proposed law called the Tax Relief for American Families and Workers Act, which aims to expand the child tax credit. Although the bill has not passed the Senate yet, the IRS is getting ready to act fast once it does hoping to get refunds to families as soon as possible. Werfel said it could take between six to 12 weeks to make the necessary changes after the bill becomes law, but he is aiming for the shorter end of that timeframe. This shows the IRS is committed to helping families without delay. The proposed changes to the child tax credit could mean more money for families with children with the maximum refundable credit increasing to $1,800 for 2023, $1,900 for 2024, and $2,000 for 2025.
2024 Child Tax Credit Refunds: IRS Vows Swift Processing (PHOTO: Fingerlakes1.com)
IRS Proposal Offers Flexibility to Families Amid Income Fluctuations
The bill also offers some extra help for families facing income ups and downs by letting them use their previous years income for the child tax credit if it was higher. As families across the country wait for the Senate’s decision the IRS’s proactive approach gives them hope for getting financial relief through these improved child tax credits soon.
READ ALSO: Enhanced Child Care Tax Credit- Unlocks Substantial Savings For Families In Wisconsin!
