Recent changes to the Child Tax Credit mean that more than 30 million households will begin receiving monthly payments this July without any further action. Eligible families will receive payments of up to $300 for each child younger than age 6 and up to $250 for each qualifying child ages six to 17. People will receive [...]
This article was published by the IRS. The Internal Revenue Service and the Treasury Department have announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. The additional details, provided in a fact sheet, spell out some basic facts about the [...]
This article was published by the IRS. The IRS has issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Notice 2021-23 explains the changes to the Employee Retention Credit for the [...]
The Work Opportunity Tax Credit benefits employers who hire people from targeted groups who consistently face significant barriers to employment. These groups include certain veterans, recipients of Supplemental Security Income benefits, ex-felons, summer youth employees, and vocational rehabilitation referrals. This tax credit encourages workplace diversity and facilitates access to good jobs for American workers. Before claiming [...]
This article was published by the IRS. The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf. These payments – which are called advance payments [...]
