This course will cover the nuts and bolts of the 2021 advanced, enhanced child tax credit with a particular focus on the safe harbor under the payback provision. The 2021 child tax credit was enhanced as to the dollar amount and as to the definition of "qualifying child." In addition, the credit was paid to households in advance based upon information from the most recent tax returns filed to date. As a result, advanced payments must be reconciled on taxpayers' 2021 tax returns as filed. Given that income levels vary over time, this may result in an overpayment or an underpayment of the child tax credit. Moreover, "qualifying children" will not necessarily be residents in the same household for 2021 as they were in 2020 or 2019. Given the dynamic nature of tax profiles, a household’s actual child tax credit will likely vary somewhat from what was received.
This course will illuminate how the reconciliation of the 2021 Child Tax Credit works together with the payback safe harbor to facilitate effective client communications at year-end for 2021 tax planning.
Michael Bennet has represented Colorado in the United States Senate since 2009. Recognized as a pragmatic and independent thinker, he is driven by an obligation to create more opportunity for the next generation. Michael has built a reputation of taking on Washington dysfunction and working with Republicans and Democrats to address our nation’s greatest challenges— including education, climate change, immigration, health care, and national security. Before serving in the Senate, Michael worked to restructure failing businesses and helped create the world’s largest movie theater chain. As superintendent of the Denver Public Schools, he led one of the most extensive reform efforts in the country, resulting in substantial, sustained academic improvement for Denver’s children. He lives in Denver with his wife and three daughters.
Professor Francine J. Lipman brings to the Boyd School of Law an exceptional record as an accountant, a lawyer, a teacher, and a scholar. After working as a CPA in an international accounting firm and as the Chief Financial Officer for a chain of retail jewelry stores, Professor Lipman turned to the law. She served as the Editor in Chief of the UC Davis Law Review. She was recognized as an outstanding law student and a member of the Order of the Coif.
She was a tax law review scholar in NYU’s graduate tax law program, where she practiced law with O’Melveny & Myers LLP and Irell & Manella LLP. Professor Lipman joined Chapman University’s School of Business and Economics faculties in 2001 and the School of Law in 2003. Professor Lipman is an elected member of the American Law Institute, the American College of Tax Counsel, the American Bar Foundation, and an editor and former committee chair for the American Bar Association’s Tax Section. She has been a visiting professor at UC Hastings College of Law and the University of Nevada, Las Vegas. In 2016, Governor Brian Sandoval was appointed, and in 2020 Governor Steve Sisolak reappointed Professor Lipman to serve as Nevada Tax Commissioner. The Nevada Tax Commission consists of eight Nevadans with various professional and business backgrounds.
The Commissioners supervise the overall administration and operations of the Nevada Department of Taxation. Professor Lipman has written extensively on tax and accounting issues for legal journals, including the Wisconsin Law Review, Florida Tax Review, Virginia Tax Review, SMU Law Review, Nevada Law Journal, American University Law Review, Harvard Environmental Law Review, Harvard Latino Law Review, Harvard Journal on Legislation, The Tax Lawyer, The Practical Tax Lawyer, Taxes and Tax Notes. Professor Lipman is a frequent speaker on tax subjects to law and business groups.