Families of 88 Percent of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit

This article was published by the IRS.  The Internal Revenue Service and the U.S. Department of the Treasury have announced 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 [...]

Renting Your Vacation Home

Do you own a vacation home you sometimes rent to others? If so, there are rules on reporting your rental income and expenses. For example, if you rent out your vacation home only for a short time (fewer than 15 days a year), you may not have to report it at all. That means generally, if [...]

New Law Provides Additional Flexibility for Health FSAs and Dependent Care Assistance Programs

This article was published by the IRS. The Internal Revenue Service is providing greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 [...]

File a 2020 Tax Return if You’re Missing Stimulus Payments

If you didn't get a first and second Economic Impact Payment or got less than the full amounts, you can still get that missing money - but you need to act. If you're eligible, the only way to get your payments is to file a 2020 tax return, which you can still do after the tax [...]

IRS Begins Correcting Tax Returns for Unemployment Compensation Income Exclusion

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 [...]

Go to Top