In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). Click here for more information. […]
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The first monthly payment of the expanded and newly-advanceable child tax credit (CTC) will be made on July 15. The increased CTC payments will be made on the 15th of each month unless the 15th falls on a weekend or holiday. Families who receive the credit by direct deposit can plan their budgets around receipt […]
The White House released the American Families Plan, and during President Biden’s national address, he discussed the proposal. The plan includes the extension and expansion of the child tax credit, the earned income tax credit, the child and dependent care tax credit and ACA premium tax credits. The plan also contains tax increases including increasing […]
Some important, recent legislative changes will have an impact on Massachusetts taxpayers. The changes affect the treatment of unemployment income and Paycheck Protection Program [PPP] loan forgiveness. Additionally, the individual income tax filing and payment deadline was recently extended. Click here for more information.
Please take some time to review these important tax matters, which could have an impact on your tax compliance. Many of the provisions summarized here were included in the Commonwealth’s FY21 budget. Click here for more information.
The House and Senate have just passed the American Rescue Plan Act (ARP) and shortly the president is expected to sign it into law. This bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns. 2020 tax-free unemployment benefitsInitially, the bill didn’t include retroactive tax provisions, but during the Senate’s voting session, […]
The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Click here for more information.
Washington Dec 8, 2020 – The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. Click here for more information.
The IRS released two pieces of guidance relating to PPP loans. According to Rev. Rul. 2020-27, businesses that receive PPP loans in 2020 may not deduct expenses paid with the loan funds, if they “reasonably expect” the loan to be forgiven in 2021. The revenue ruling also provides guidance if, as of the end of the […]
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