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The IRS has provided an update on how many returns they have processed so far. Currently, they have processed all paper and electronic individual returns received prior to January 2023, and they are opening mail they have received within normal time frames. This means they have processed all returns received for the tax year 2021 or earlier if those returns had no errors or did not require further review.

President Joe Biden recently unveiled a proposed new budget calling for $6.8 trillion in government spending. The budget includes provisions that would directly impact the finances of millions of Americans.

On March 9, 2023, President Joe Biden announced his proposed budget for the fiscal year 2024 of $6.9 trillion. The Budget would expand key tax cuts benefitting lower and middle-income workers and families. The proposed budget outlines his investment priorities in every federal agency for the upcoming year. It aims to cut the deficit by nearly $3 trillion over ten years.

President Joe Biden and his administration have released a new budget proposal. The proposal calls for the federal child tax credit to be restored to the amount it was in 2021 during the pandemic. The federal child tax credit was increased to $3,600 during this time. After the pandemic, the amount was lowered back to its original $2,000. (source)

Residents of the state of Maryland may be in for some financial relief. Lawmakers of the state are considering a proposal to permanently extend and expand the state’s earned income tax credit. They are also looking to broaden the eligibility requirements for state’s Child Tax Credit. According to supporters of these proposals, it would help to greatly reduce poverty in the state. (source)

Some parents are about to receive a little bit more financial help from the government. Twelve states are "topping up" the Child Tax Credit (CTC) for their residents. This comes as the federal government is dropping their payments by $1,600 for this year. The states hope that these additional payments will help to support families that are struggling with the high cost of inflation. The additional amount of the child tax credit is worth between $100 and $1,000. (source)

While filing their annual tax returns, American families often claim the Child Tax Credit (CTC). In this process, these households either reduce the money they owe or increase their refund.

The Washington state legislature passed the Working Families Tax Credit (WFTC) in 2012. Hundreds of thousands of eligible individuals will benefit from this yearly $1,200 payment. (source)

The Child Tax Credit for the 2023 tax season can be claimed as long as the parents meet the established requirements. It is necessary to clarify that the payments will not be as large as in 2021, when the benefits were up to $3600.00 USD per dependent.

The cost of living crisis right now in the United States is among the most shocking news for ordinary citizens in recent years. Let's just say that its effect stems from the confinement measures adopted in the wake of COVID-19, which led to growing shortages.

Despite early optimism during the ongoing lame-duck session, Congressional lawmakers are struggling to make a deal that would extend the expanded child tax credit. Last month, several Senators seemed confident that the GOP would cut a deal with Democrats to revive the expanded child tax credit (CTC), which was part of the American Rescue Plan during the COVID-19 pandemic.

Experts report that compared to December 2021, almost 4 million more children live in households pushed below the poverty line than reported for January 2022, due to a reduction in the Child Tax Credit.

Senator Michael Bennet (D-CO), Senator Mitt Romney (R-UT), and more hope to leverage Congress's lame-duck session to extend the expanded Child Tax Credit (CTC) for American families.

For months, Democrats have been eyeing an extension of the expanded child tax credit (CTC), which was part of the American Rescue Plan during the COVID-19 pandemic. Now, Republicans might be willing to make a deal -- at a price.

Dozens of House Democrats on Capitol Hill are urging an extended version of the child tax credit (CTC) during Congress's lame-duck session. Credit: Siri Stafford (Getty Images)

The Treasury and IRS reached out to approximately 9 million people that have not filed their taxes in order to let them know they qualify for stimulus payments as well as Child Tax Credit.

The Internal Revenue Service (IRS) has alerted millions of low-income American families that they are owed COVID-19-era payments. Credit: Glow Images (Getty Images) On Thursday, October 13, the tax agency announced that it will send letters to approximately nine million people who seem to be eligible for relief checks but never claimed them.

Before the end of this year, millions of American families could benefit from the revised version of the child tax credit. This is thanks to a group of senators wanting to bring back monthly payments. (source)

If you missed out on receiving the expanded child tax credit -- worth up to $3,600 per child -- there is still time. Eligible Americans can still apply through November 15. Credit: Cavan Images (Getty Images)

Over 1 million ineligible families received benefits from the expanded child tax credit, while thousands of eligible families got nothing. Credit: Maskot Bildbyra (Getty Images)