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
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 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.
As Congress drafts and debates legislation, we’ll keep you informed of all the latest changes and specifics. Click Here — for more details
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.
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.