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How nonfilers can claim advance child tax credit payments.

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. […]

American Families Plan

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 […]

Special Alert President to sign American Rescue Plan Act of 2021 NATP

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, […]

Get Ready for Taxes 2021

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.

IRS PPP Loan Guidance

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 […]