Will Advance Child Tax Credit Payments Affect Any Government Benefits Someone is Receiving?

It’s important to know whether the advance Child Tax Credit (ACTC) payments will affect any government benefits you may be receiving. The short answer is “no.” That’s because ACTC payments don’t count as income when a program is determining if you or anyone else is eligible for benefits or assistance. They also can’t use the payments [...]

Errors Employers Should Avoid When Requesting Advance Payment of Employer Credits

This article was published by the IRS. Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help [...]

As Hurricane Season Nears, IRS Reminds People to Prepare for Natural Disasters

This article was published by the IRS. The Internal Revenue Service reminds everyone that now is a good time to create or review emergency preparedness plans for surviving natural disasters. In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms, flooding, wildfires and an earthquake. Individuals, [...]

IRS Shoots Down States’ SALT Limitation Workaround

For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) limits an individual taxpayer’s annual SALT (state and local tax) deductions to a maximum of $10,000, with no carryover for taxes paid in excess of that amount. (The SALT deduction limit doesn’t apply to property taxes paid by a trade or business or in connection [...]

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