Critical IRS Alert!

The IRS will be sending out two letters to taxpayers in January:

·     Letter 6419 – Advance Child Tax Credit Payments

·     Letter 6475 – Economic Impact (Stimulus) Payment

It is important that your clients retain these letters. Entering incorrect advance child tax credit or economic impact payment amounts will cause delays in tax return processing and the issuance of refunds.

If you send out tax organizers or newsletters to your clients, Joe recommends including a flag that they may be getting these letters; if they do, they should save the letters and provide them to you. If you need to procure these letters from the IRS electronically on their behalf after the fact, it will likely be a long, involved process.

You can read more at www.ctcpas.org/irsalert.