Amid IRS cutbacks, experts warn that skipping tax return filings could lead to costly penalties. The IRS has experienced a 5% decline in individual returns compared to last season.

The article discusses the child tax credit that allows parents to claim up to $2,000 per child for tax year 2024, highlighting potential changes after 2025 related to the Tax Cuts and Jobs Act.

The average tax refund for this year's filing season is significantly lower, with the IRS reporting a 32.4% decrease compared to last year due to inflation impacts.