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A wealth of taxpayers have fallen victim to tax scams, whether by phone, email, or in person. The Federal Trade Commission (FTC) reported more than 67,000 tax-related scams for the first two quarters of 2021. The IRS is warning families about new tax scams targeting families who expect to receive the monthly child tax credit payments.
The monthly payments are part of the American Rescue Plan, a bill signed into law in March by President Joe Biden, temporarily expanding the child tax credit from up to $2,000 to $3,600. The bill increased the age of qualifying children to seventeen and allowed families the option to receive 50% of their 2021 child tax credit in the form of monthly payments from July 15 to Dec. 15.
Families can receive a monthly payment of up…