2022 February Ask the Expert: ACTC and EIP Issues

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Description

2022 February Ask the Expert: ACTC and EIP Issues
CE: 1 Federal Tax CE for live only
Speaker: Amber Gray-Fenner, EA, USTCP
Cost: Free for NAEA members/ $50 for non-members

Join NAEA member, Amber Gray-Fenner, EA, USTCP to learn more about how the Advance Child Tax Credit and Economic Impact Payment will impact your clients this tax season.

In this course I will cover the most recent IRS guidance for issues that may arise when reconciling Advance Child Tax Credit payments using Letter 6419 and reconciling Economic Impact Payments for purposes of the Recovery Rebate Credit using Letter 6475. The course will focus on best practices and recommendations for reconciliation issues including when amounts received are different from those reported on the Letters. Basic mechanics of completing the credit reconciliations using the Recovery Rebate Credit Worksheet and/or Form 8812 will not be covered.

Upon completion of this course participants should be able to:
•Identify where to report and reconcile Advance CTC payments for determining the proper amount of Child Tax Credit.
•Identify where to report and reconcile Economic Impact Payments for determining any applicable Recovery Rebate Credit.
•Locate current IRS guidance on reconciling the information in Letters 6419 and 6475.
•Apply current IRS recommendations and best practices for resolving issues related to reporting discrepancies in Letters 6419 and 6475 including tracing missing payments.

Recording will be available after but no CE is given for on demand viewing.

Contributors

Amber Gray-Fenner, EA, USTCP

Amber is an Albuquerque, New Mexico-based Enrolled Agent, NTPI Fellow, and a non-attorney practitioner admitted to the bar of the U.S. Tax Court (USTCP). Amber is a tax general practitioner who prepares returns for individuals and (really) small businesses. She also represents individuals before the IRS and, occasionally, the U.S. Tax Court. Amber is a contributing writer on tax and IRS issues for Forbes.com and other industry publications and is currently serving on the editorial board of the EA Journal.