In a recent speech, IRS Commissioner Daniel Werfel suggested that tax professionals may need to stay on their toes during the 2024 tax season. If the Tax Relief for American Families and Workers Act of 2024 passes soon, new rules for the Child Tax Credit could go into effect starting with the 2023 tax year. This means that affected taxpayers who filed their returns early would need to consider submitting amended returns. The bill overwhelmingly passed the U.S. House Ways and Means Committee on Jan. 19, 2024, but has yet to be scheduled for a vote in the broader House or Senate. Senate Finance Committee Chair Ron Wyden (D-OR) has said he’s eager to pass the legislation as soon as possible.
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