Further Clarification on Monthly Child Tax Credit Payments
Last Friday, millions of American families started receiving monthly Child Tax Credit payments. Under the American Rescue Plan, each payment is up to $300 per month for each child under…
The Child Tax Credit Update Portal allows families to update direct deposit information or unenroll
The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The…
BBA Partnerships Are Eligible for Amended Return Procedures
The IRS has issued procedures for eligible partnerships to file amended income tax returns and partners’ Schedule K-1s in order to receive tax benefits. Partnerships subject to the centralized partnership…
Changes in Computing Certain Residential Rental Property Depreciation
The IRS has issued a revenue procedure which provides guidance under the Consolidated Appropriations Act, 2021, that retroactively provides a recovery period of 30 years under the alternative depreciation system…
Online tool helps families see if they qualify for the Child Tax Credit
Families can take advantage of a special online tool that can help them determine whether they qualify for the Child Tax Credit and the special monthly advance payments beginning on…
Independent Contractor vs. Employee
Today more and more businesses are making increasing use of outside workers to cut costs, including payroll tax costs. Unfortunately, this trend has caught the attention of the IRS. What…
Possible refund for taxes paid on 2020 unemployment compensation
The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For…
Charitable Giving: Certain Requirements and Tax Saving Techniques
You probably know that you can get an income tax deduction for a gift to a charity if you itemize your deductions. But there is a lot more to charitable…
What to consider when selling a house
It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain…
How saying “I do” affects a couple’s tax situation
The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect…
