Taxpayers should file their returns when they are ready and not wait for Congress to agree on a tax bill, IRS Commissioner Danny Werfel.
"We urge and encourage taxpayers to file when they're ready," Werfel said. "Don't wait on Congress. If there's a change that impacts your return, we will make the change, and we will send you the update whether it's an additional refund or otherwise without you having to take any steps. Once a bill has been published, then we can and will implement these tax provisions within weeks after they're enacted," h said the IRS Commissioner on Friday , January 26th , 2024.
A major change would occur if Congress approved a more expansive child tax credit, the proposal would increase the maximum refundable amount per child to $1,800 in tax year 2023, up from the current $1,600 per child.
Congress has many times considered Internal Revenue Code changes either right before filing season or right after it begins, so the IRS has "deep experience in assessing and reviewing" such changes, Werfel said.
We at the Taxko Firm are happy that this matter has been resolved.