Month: May 2021

Advance Child Tax Credit Payments – OPT OUT

From CNN: https://www.cnet.com/personal-finance/child-tax-credit-youll-use-these-2-irs-portals-to-get-your-money/

The portal will have an option to let you opt out of monthly payments.When will the child tax credit portals open for eligible families?

The IRS has set an open date by July 1, though we don’t have an exact target date yet. The portals could come online sooner than that. The IRS is simultaneously processing tens of millions of tax returns, which may affect the timeline while it also organizes the child tax credit program.What we don’t know about the child tax credit portals right now

There are still plenty of details that are still unclear about the IRS’ child tax credit portals, including:

• The exact date the portals will be available to families.
• How the portals will work for families updating their information.
• How families will differentiate between the two portals.
• The process for opting out of the monthly payment.

Just a thought, divorced parents that claim a child every other year should opt out. Both would need to do it to alleviate a possible problem.

I don’t really know how long the advance CTC payments will last. The way I understand the way it works, is the IRS is using the 2020 tax return with CTC to give the advance. So if true, then the parent that claimed it in 2020 would get the advance. The parent that did not, would not receive the advance.

It is my firm opinion, this whole thing of an advance on the CTC is a HUGE problem. I spent 17 years in the IRS and this kind of thing causes more problems that it is worth. The parent that did not get it will bi..h that they should have and the parent that did might have to pay it back.

My opinion, both should opt out for as long as this goes to save on headaches later.

Welcome

This blog and the attached pages are for my business as a Tax Resolution Service.

I spent 16 years in the US Air Force. During that time I worked several part time jobs (they really ended up be full time) that included door to door sales, car sales, insurance agent, real estate investor, hamburger flipper, convenience store clerk, small business consultant, and a lot more. I finally received an Associate Degree in Business Administration and a Bachelors in Business Management. After all that, I spent 17 years with the Internal Revenue Service as a Revenue Officer. So there it is. Basically, been there, done that.

As a Revenue Officer, I have talked to thousands of business owners. Some had a very good grasp of their business, they just fell into short time financial difficulty and chose to do something that they knew would cause problems. Others had no clue how to run a business. They were excellent at what they did, just no business since.

This blog is to assist with several things. Tax issues, general business practices, and other stuff along those lines. I take a common sense approach to things. Keep things as simple as possible. I will be posting different steps of dealing with collection issues with the IRS. Along the way I’ll try to integrate business practices that might help.

Most of the information presented can be found by searching the internet with GOOGLE, BING, or other search engine. WWW.IRS.GOV has most of the Internal Revenue Manuals online. These have the procedures that are followed by Revenue Officers, Revenue Agents, and other employees.

One last thing. I have to give the standard disclaimer. I am not a lawyer or an accountant (certified or otherwise) so what I present is my opinion and practices. I am an Enrolled Agent with the IRS and thus have a duty to provide, to the best of my knowledge, factual and proper information.

DISCLAIMER: This has to be put on just about everything a professional does. The material presented is not intended to provide legal advice. It is only provided as a resource to assist in the reader in making informed decisions. The reader should always check with a licensed professional such as an Attorney, Certified Public Accountant, other professional. This information is in no way an official Internal Revenue Service ruling, decision, or other official guidance. In other words, I am not liable for your mistakes even though I could be classified as an expert in what I do.