RE: IRS SENDING LETTERS ON ADVANCED CHILD TAX CREDIT AND ECONOMIC IMPACT PAYMENTS

To Our Valued Clients and Friends,

The IRS announced that it will be issuing two separate information letters to taxpayers this month (January 2022).

WHAT WILL THESE LETTERS SAY?

• Letter 6419: This letter will contain the amount of Advanced Child Tax Credit payments received by the taxpayer for 2021 and the number of qualifying children used to calculate the advanced payments.
  
• Letter 6475: This letter will contain the amount of Economic Impact Payments received by the taxpayer for 2021, including initial payments and any “plus-up” payments received.

“Plus-up” payments were additional payments the IRS sent to taxpayers who received a third Economic Impact Payment based on a 2019 tax return or information received from the Social Security Administration, Railroad Retirement Board or Department of Veterans Affairs. Plus-up payments were also made to taxpayers who may have been eligible for a larger payment based on their 2020 tax return.

WHAT SHOULD YOU DO WITH THESE LETTERS?
Please include these letters, if applicable, with your 2021 individual tax information. These payments need to be reconciled on the 2021 individual income tax return. You may send them as soon as received or provide them with the rest of your data.

If you have any questions or concerns, please do not hesitate to contact us.

Wishing You a Safe and Healthy New Year,
Maeda Palius, Jason Janzen, Annika Jensen and the POJ Team