July15 is anticipated first expanded Child Tax Credit payment for families

The Internal Revenue Service and the U.S. Department of the Treasury announced recently that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required. More information regarding this distribution can be found in this article. Or contact us if you'd like to discuss whether this applies to your situation.