You may be wondering what advance Child Tax Credit (ACTC) payments are. ACTC payments are early payments of 50 percent of the estimated amount of the Child Tax Credit that you would normally claim on your 2021 tax return. If you're eligible and the IRS has processed your 2019 or 2020 tax return, your advance payment [...]
This article was published by the IRS. The Internal Revenue Service has begun issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed their tax returns prior to the American Rescue Plan of 2021 [...]
This article was published by the IRS. The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July. The expanded and newly-advanceable Child Tax Credit was authorized by the American [...]
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. To help taxpayers, the Internal Revenue Service has announced that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows [...]
