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September 21, 2021
The IRS recently updated frequently-asked-questions (FAQs) to assist families in claiming credits under the American Rescue Plan Act (ARPA).
The child and dependent care credit was enhanced under the ARPA (enacted in March 2021) to assist families with the fallout of the COVID-19 pandemic and recovery underway. The credit has been expanded to provide families with more money and offers options for monthly payments or a deferred lump sum.