Charitable Gift Annuity

A charitable gift annuity is a great way you can make a gift to our organization and benefit. You transfer your cash or property to our organization and we promise to make fixed payments to you for life at a rate based on your age.

Learn More
Text Resize
Print
Email
Subsribe to RSS Feed

Wednesday September 22, 2021

Washington News

Washington Hotline

September ACTC Payments and Potential Extension

On September 15, 2021, the Internal Revenue Service sent out the third set of Advance Child Tax Credit (ACTC) payments. Over 35 million families received a total of approximately $15 billion in payments. Most of the payments were direct deposits to bank accounts.

The remaining ACTC payments are scheduled for October 15, November 15 and December 15. Qualifying families will receive payments of up to $300 per month for dependent children under age 6 and up to $250 per month for children ages 6 through 17.

The IRS reminded families who have not filed a 2020 income tax return that they still are eligible to sign up. There is a Non–Filer Signup Tool on IRS.gov.

This week a House of Representatives committee took action on the Build Back Better (BBB) Act. It includes a four-year extension of the Child Tax Credit. The bill is now pending in the House of Representatives, but a vote may take place by the end of September. House and Senate leaders hope to have a final bill enacted in October.

In addition to the child tax credit, which has a potential cost of $100 billion per year, the BBB Act would make permanent the dependent care tax credit and expand the earned income tax credit (EITC).

Another provision of the bill would provide a payroll tax credit on wages for childcare workers. There would be a tax credit for up to $2000 per year toward caregiver expenses.

Editor's Note: The Advance Child Tax Credit payments are designed to lift many families with children out of poverty. The cost of these programs to benefit families, those caring for minor children and caregivers are planned to be offset by increased taxes on corporations and upper-income individuals. Your editor does not take a position on specific provisions of this bill. This information is offered as a service to our readers.

Published September 17, 2021
Print
Email
Subsribe to RSS Feed

Previous Articles

New Plan to Increase Retirement Savings

September is National Preparedness Month

Advance Child Tax Credit Success

New Non-Filers Online Tool for Advance Child Tax Credits

Guard Against Spear Phishing Emails

scriptsknown