February 16, 2024
WASHINGTON — Internal Revenue Service Commissioner Danny Werfel told lawmakers on Capitol Hill Thursday that his agency is “poised to move quickly” on a bipartisan tax bill that would temporarily expand the child tax credit and revive several corporate tax breaks.
But, he cautioned, taxpayers should not wait to file.
The Tax Relief for American Families and Workers Act received overwhelming support in the U.S. House last month, in a 357-70 vote, and is now in the hands of the Senate, which has taken no action yet.
Werfel testified before the tax-writing U.S. House Committee on Ways and Means, where lawmakers asked for his guarantee that, if enacted, taxpayers would see the benefits of the new law this filing season.
The IRS is “paying close attention” to the legislation’s progress, the commissioner told the lawmakers.
“We may be able to start implementations (as) early as six to 12 weeks after passage, depending on the bill’s final language, but taxpayers should not wait for this legislation to file their returns. We will take care of getting any additional refunds to taxpayers who have already filed. They won’t need to take additional steps,” Werfel said in his opening remarks.