ROANOKE, Va – Millions of families across the nation are seeing the child tax credits hit their bank accounts Thursday.
But some tax experts say it could cause financial issues down the line.
From now on, millions of Virginians will have child tax credits hit their bank accounts on the 15th of each month.
“We’re a nation where the children’s poverty rate is the rate. of poverty among the elderly,” Virginia Senator Tim Kaine said.
The credits were established in the 90′s and typically distributed after tax season.
But in a new move from the Biden administration, families across the country were automatically enrolled to receive the money monthly instead.
“If you need the money, then you do nothing. We’ve already heard that the money’s in the accounts already we heard some snuck in yesterday,” President Kembel Tax Service David Kembel said.
Virginia Senators Tim Kaine and Mark Warner say the decision will be as impactful as Social Security was when it was created in the 1930′s.
“That is a tangible result, what President Biden is has put forward and what we have then legislative so a bit of good news really for a lot of Virginia families,” Virginia Senator Mark Warner said.
But tax experts like David Kembel say the change could cause some confusion.
“It’s just going to be a mess,” Kembel said.
Kembel says any issues with the money could cause delays in already overwhelmed internal revenue service.
“We will tell everybody if you have got a child, expect your tax refund next year to be late,” Kembel said.
But still, Kembel says the most important thing is to keep track of how much you’re getting and when, so when tax season comes it can go smoothly.
And he says the most important thing to remember is to keep track of who you claim as a dependent and always contact the IRS if that changes.