For this assignment you will be investigating the changes in several tax credits, forms, and schedules over time. $($The form or schedule number will remain constant, but the form or schedule title may change based on changes to tax credits and what is required to be reported.$)$ In your research you will be comparing these forms from different tax years to find any significant changes. Evaluating tax credits and supplemental forms requires an ability to search proficiently.

Instructions

$-$Pull up the form you are investigating from both the current and previous tax years $($for instance, $2021$ and $2020).$

$-$Search for any IRS publications that discuss changes in this tax credit.

$-$Note any changes mentioned in the publication that impact the current year or may impact future years. It takes attention to detail to uncover these changes.

$-$Compare the current tax year with the prior tax year.

$-$Research the forms required for the respective tax years using the search terms below in the Supporting Materials section.

$-$Complete the table for each type of tax credit.

$-$Add a list of documentation and citations to the template provided.

Specifically, you must address the following rubric criteria:

Schedule $8812$ Child Tax Credit: Specify changes past, present future if applicable to this form.

A$.$ Example of when this child tax credit may apply using professional terms to describe client's scenario

B$.$ Changes to the form from year A to year B

C$.$ Changes to areas to consider from year to year

D$.$ Possible new developments and why they may occur

Identify applicable documentation for each of the tax credit categories.

A$.$ Document retention is part of form $8867$ for due diligence

B$.$ Different types of forms or documents depend on the type of tax credit