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,… Continue reading Special Alert President to sign American Rescue Plan Act of 2021 NATP
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Financial Coaching Virtual Class
What is better than FREE Knowledge! THE class teaches you: Dump debt Build a monthly budget Save for the future CLICK HERE TO SIGN UP! SPACE IS LIMITED! Click Here If You Are Ready to Win With Money? HERE’S WHAT YOU’LL GET: Accountability and encouragement with local group. Necessary materials to win on your journey. 1 year of FREE… Continue reading Financial Coaching Virtual Class
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… Continue reading IRS PPP Loan Guidance
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.
Eligible Paycheck Protection Program expenses now deductible
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.
American Families Plan
As Congress drafts and debates legislation, we’ll keep you informed of all the latest changes and specifics. Click Here — for more details
Important information for taxpayers from the Massachusetts Department of Revenue
Monthly Payments of Refundable Child Tax Credit. Payments to begin in July.
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… Continue reading Monthly Payments of Refundable Child Tax Credit. Payments to begin in July.
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.… Continue reading How nonfilers can claim advance child tax credit payments.
