The IRS is on track to send out Child Tax Credit payments in July that could put thousands of dollars in people’s pockets.
There’s still a big question mark surrounding a potential fourth stimulus check, but thanks to the child tax credit, parents around the country will receive more direct payments this summer regardless of whether Congress passes additional relief. Given the opposition Republicans posed to a third payment, another payment is unlikely to garner enough support in Congress, and it would put added strain on the Internal Revenue Service. The demands of direct payments called into question the IRS’ ability to send out expanded Child Tax Credits, but on Wednesday, the agency confirmed payments would start going out in July. « We will launch [the portal] by July 1 with the absolute best product we are able to put together, » IRS Commissioner Charles Rettig said during a Senate Finance Committee on Tuesday. « We might need to adjust that but we are trying to get it as user-friendly as possible. » The July 1 deadline was mandated by the American Rescue Plan, which passed Congress in March. Despite the congressionally imposed start date, Rettig noted that the IRS won’t launch the portal for the Child Tax Credit unless it’s prepared. He told the Senate committee he’ll update Congress if the IRS won’t be ready in time, but reiterated it won’t « risk our systems » or open them up to possible fraudsters.
