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$7M child tax credit request with IRS
The Department of Finance will release the child tax credits once funds are received from the Internal Revenue Service.
Finance Secretary David Atalig stated at a radio media briefing Friday that the IRS has already received the request for child tax credits worth about $7 million, with the CNMI waiting for the IRS to finalize its review to get some funds transferred in.
“They have confirmed receipt and they are still reviewing. I hope to get a finalization of the review by Friday their time, which is tomorrow morning [Saturday CST], and hopefully we get some funds transferred in. We are prepared to release this as soon as we get the transfer from IRS,” Atalig said.
According to Atalig, the first batch is usually reviewed differently than the years prior, to make sure that any new updates in the tax credit laws or regulations are in place, and that calculations are accurate.
“We are also still working on entering as much as we can all the 2019 tax refund returns, and we’re compiling that data so after the child tax credits are paid out, as we do normally, we start processing a tax refund, and that is to come,” he added.
The Department of Finance projects another $3 million to $4 million payout for the first round of stimulus, and uploaded about $300,000 worth of stimulus checks Wednesday last week.
“If any of our taxpayers have not received their stimulus, I do encourage you to check back if there’s any issues with your tax returns, if there’s any errors or verifications that needs to be done. Contact the Division of Revenue and Taxation, or email at stimulus@dof.gov.mp,” Atalig advised.
Stimulus checks provide up to $1,200 for every eligible individual, $2,400 for joint returns, and $500 for every qualifying child.
For issues on stimulus checks, contact the Division of Revenue and Taxation at 664-1067, 664-1000, or 664-1019, or visit the Department of Finance office at the Joeten-Dandan Building, Monday to Friday, 7:30am to 4:30pm.
