News

Due to the COVID-19 pandemic, new legislation was enacted to aid not only struggling business owners, but also individuals. Employers have direct access to people who may be eligible for advance Child Tax Credit payments. The IRS is asking employers to help spread the word about these payments during National Small Business Week.

Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it's about a specific issue with a taxpayer's federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them they need to make a payment. This year, people might have also received correspondence about Economic Impact Payments or an advance child tax credit outreach letter.

The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here some details to help people better understand these payments.

The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) today issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC).

Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 (ARP) to the employee retention credit that are applicable to the third and fourth quarters of 2021.

The AICPA discusses what we know about the content and timing of possible tax changes in President Biden’s Build Back Better plan and the three ways they could advance in Congress.

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).

The filing and payment deadline for most 2020 federal tax returns is here. Taxpayers should file or request an extension of time to file and pay any taxes they owe by the May 17 deadline to avoid penalties and interest.

The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.