A critical update from IRS Senior Stakeholder Liaison Joe McCarthy:
With preparations for the next tax season starting there is something important you should be aware of.
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 you 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.
Retaining these letters and providing them to your accountant is the most efficient way for them to obtain the economic impact payment and advance child tax credit payment dollar amounts they will need to prepare your tax returns. The alternative ways of either you or your accountant getting this information electronically is likely to be a much more involved process.