Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments COVID Tax Tip 2021-147, October 5, 2021 Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit… Read More
With the recently enacted American Rescue Plan, there were changes made to the child tax credit that may benefit many taxpayers, most notably: The amount has increased for certain taxpayers The credit is fully refundable The credit may be partially received in monthly payments The qualifying age for children has been raised from 16 to… Read More
The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. As tax law is moving very quickly in 2021, we wanted to make you apprised of these changes. Individuals Recovery… Read More