Congress is considering changes to the tax code, including expanding the child tax credit.it means more refunds some familieswhich may begin in the 2023 tax year.
Passed by the US House of Representatives law Expands the refundable child tax credit beginning with the 2023 tax year. It is unclear whether the U.S. Senate will pass or amend the bill. Taxpayers who could benefit from this change may wonder whether they should wait to hear from Washington before filing their 2023 federal income tax returns.
Dallas tax attorney Duke Alexander Moore said he tells his clients they don’t have to wait to file their returns. He said he expects the IRS to make adjustments to any changes in tax law that could affect refunds.
“If this bill passes, you won’t have to amend or redo your tax return,” Moore said. “The IRS says, look, we have your data on file, so if we feel you’re eligible, we’ll all go ahead and automatically apply the credit to your account. or something like automatically giving you a refund in the same way you received it.” 2023 Refund – If you received it. ”
An IRS spokeswoman said the agency could not comment on pending legislation.
House Ways and Means Republicans press release Earlier this year, Congress said it was working with the IRS to streamline updates and taxpayers would no longer have to file amended returns. That is if there is a change in tax law.
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