Accountant urges people to be on lookout for ‘critical’ IRS letter

TOWN OF PAMELIA, New York (WWNY) - A local accountant is stressing the importance of a letter some families will soon get from the IRS.

It’s for people who received advanced payments of their child tax credit, which is part of the federal COVID relief bill passed last year.

Certified Public Accountant Gary Rowe CPA, owner M.R. Gaebel, says those payments were based off 2019 and 2020 taxes, so any changes affecting how much money someone should have received could reduce their refund or cause them to owe money.

Rowe wants to make sure people hold on to the letter when it arrives.

“They’re going to have to use that dollar amount that appears on that letter, and there’s going to be a spot on the tax return to put in. Then you use it to calcuate your taxes. So, it’s going to be just as critical as your W-2 form,” he said.

Rowe says another important letter is coming starting this month for people who didn’t get the full amount of their third stimulus payment.

Copyright 2022 WWNY. All rights reserved.