CLEVELAND — As the debate in Congress drags on, those preparing tax returns continue to wonder just how much they should expect back.
Last month, the U.S. House of Representatives passed a bill, entitled the Tax Relief for American Families and Workers Act of 2024, that would immediately increase the refundable child tax credit per child from $1,600 to $1,800. It would also provide support for small and private businesses.
However, if the bill were to become law, it would impact 2023 tax returns, which are already being filed.
That has caused all sorts of confusion for parents and small business owners who could see a sizable impact on their returns.
Certified Public Accountant Harry Slocum, a partner at D'Amore Tatman Group, LLC, told News 5 they're preparing tax returns the way things stand right now.
"It's the ones that have a business and had capital expenditures in this case, they're the ones that it could make a big difference," Slocum added.
However, Slocum hopes a decision from Congress, one way or the other, happens soon.
"If the U.S. Senate makes any changes, it has to go back to the U.S. House for approval," Slocum explained. "Once all of that happens, you have software developers that have to update the software along with the IRS updating their software so we can file returns. We’re kind of running out of time. We got 45 days to file tax returns and we don’t know what the current law is."
It’s a topic that came up earlier this month at an IRS oversight hearing. The IRS Commissioner issued assurances that if the bill passes, they should be able to issue any refunds in about six to 12 weeks.
"Taxpayers should not wait for this legislation to file their returns," IRS Commissioner Daniel Werfel said. "We will take care of getting any additional refunds to taxpayers who have already filed."
Ray Mease already filed his taxes two weeks ago to fast-track his return. In the interest of his stress level, this taxpayer would rather not think about it again.
"Had to get things done," he said. "Needed that money right then so might as well get it out of the way."
So, while he had hoped not to think about his taxes anymore this year, Mease said he would certainly welcome an additional refund.
"It could go a long way for bills, for children, for medical treatment, for medical bills and all kinds of things, he said. "I’ll believe it when I see it."
In case you forgot, Tax Day is April 15.
