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The Future of the Expanded and Advance Child Tax Credit


Level: Advanced
Runtime: 91 minutes
Recorded Date: September 14, 2021
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Agenda

  • The Challenges Legislators and the IRS Face in Structure and Implementation
  • Determining CTC (Child Tax Credit) Eligibility
  • Reconciliation of the CTC during filing season
  • Adjudication of the CTC
Runtime: 1 hour, 31 minutes
Recorded: September 14, 2021

Difficulty: Experienced Attorneys (Non-Transitional)

Description

The expansion of the Child Tax Credit in the American Rescue Plan Act of 2021 is estimated to result in a 45% decrease in child poverty, the largest one-year decrease in American history. Biden’s American Families Plan proposes an extension to 2025 of the expanded CTC paid monthly in advance of the tax year in which the credit accrues and available to parents who have very low or no earnings. As the White House negotiates with legislators on the Hill over the details of the future of the CTC, this panel will explore the impact of the potential changes on low-income families; the interaction between the CTC and other tax credits available to low-income taxpayers; and lessons learned from the rollout of the Economic Impact Payments and the first two months of advance CTC payments.

Panelists will also discuss the challenges legislators and the IRS will face in structuring and implementing the advance payment on an ongoing basis including determining eligibility, reconciliation of the credit at tax time and adjudication when multiple people claim the same child.

This program was recorded on September 14th, 2021.

Provided By

American Bar Association
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Panelists

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Scott M. Levine

Partner
Jones Day

Scott Levine advises on the tax aspects of corporate transactions, including cross-border and domestic mergers and acquisitions, spin-offs and other divestitures, restructurings, financings, and joint ventures. He also has negotiated private letter rulings with the Internal Revenue Service in the corporate, international, financial instruments, and energy tax credit areas.

Before joining Jones Day, Scott was a senior manager in KPMG's national tax office.

Scott is an adjunct professor of law at the Georgetown University Law Center in Washington, D.C. and the International Tax Center at Leiden University in the Netherlands, where he teaches courses on corporate and international taxation. He frequently lectures and participates as a panelist at programs for the ABA, D.C. Bar, Practising Law Institute (PLI), International Fiscal Association (IFA), Tax Executives Institute (TEI), Southern Federal Tax Institute (SFTI), and other organizations and universities addressing a wide range of tax-related topics.

Scott is an active member of the ABA's Tax Section, a member of the ABA Tax Section's Nominating Committee, a former chair of the ABA's Corporate Tax Committee, and the primary author of several comment letters including the ABA's comment letters on the proposed global intangible low-taxed income (GILTI) regulations, the temporary section 245A regulations, the final GILTI regulations, the proposed opportunity zone regulations, and the administration of the Advance Child Tax Credit. Scott was a two-term member of the D.C. Bar Tax Section's Steering Committee, former chair of the Tax Section's Corporate Tax Committee, and chair of the D.C. Bar's Annual Tax Legislative and Regulatory Update Conference since its inception in 2017.

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Jacob Goldin

Associate Professor of Law
Stanford Law School

Jacob Goldin is an associate professor of law. Trained as a lawyer and economist, his research focuses on the taxation of low income households and the application of behavioral economics to the design of policy.

Prior to joining the faculty in 2016, Professor Goldin worked in the Office of Tax Policy at the U.S. Treasury Department and clerked for Judge Richard Posner of the Seventh Circuit Court of Appeals. He holds a J.D. from Yale Law School and a Ph.D. in economics from Princeton University.

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Elaine Maag

Senior Fellow, Urban Brookings Tax Policy Center
Urban Institute

Elaine Maag is a senior fellow in the Urban-Brookings Tax Policy Center at the Urban Institute, where she studies income support programs for low-income families and children.

Before joining Urban, Maag worked at the Internal Revenue Service and Government Accountability Office as a Presidential Management Fellow. She has advised congressional staff on the taxation of families with children, higher education incentives in the tax code, and work incentives in the tax code. Maag codirected the creation of the Net Income Change Calculator, a tool that allows users to understand the trade-offs between tax and transfer benefits, and changes in earnings or marital status.

Maag holds an MS in public policy analysis from the University of Rochester.

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Nina E. Olson

Executive Director
Center for Taxpayer Rights

Nina E. Olson is the Executive Director of the Center for Taxpayer Rights, a nonprofit organization that works to advance taxpayer rights in the United States and internationally, and convenes the International Conference on Taxpayer Rights. From March 2001 to July 2019, she served as the National Taxpayer Advocate of the United States, an independent organization within the Internal Revenue Service with 1,600 to 2,100 employees and 79 offices across the United States, dedicated to assisting taxpayers resolve their problems with the IRS and making administrative and legislative recommendations to mitigate those problems systemically. She has submitted 39 annual reports to Congress, and testified before congressional committees over 60 times.

Before serving as the National Taxpayer Advocate, Nina founded and directed The Community Tax Law Project, the first independent Low Income Taxpayer Clinic in the US. She also maintained a private legal practice, representing taxpayers in disputes with the IRS. Nina is a member of the Virginia and North Carolina state bars. She is a fellow of the American College of Tax Counsel (ACTC), a senior fellow of the Administrative Conference of the United States (ACUS), and a member of the supervisory board of the International Bureau of Fiscal Documentation (IBFD) Observatory of Taxpayer Rights.


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