This legislation has made its way through the House and is now being considered by the Senate. It may be passed in the near future, with immediate significant effects, including: What does this mean to you? We will continue to work on your tax returns under the current laws. If these potential law changes could affect your tax liability you may want…
The IRS announced that crucial changes have been made to the Child Tax Credit (CTC) under the American Rescue Plan of 2021 (ARPA) that will help many families receive advance payments, beginning as soon as this summer. ARPA expands the CTC for tax year 2021 only. The IRS has started sending letters to more than… Read more » Despite the tax filing deadline not being for another couple of weeks (May 17, 2021), many taxpayers have already filed and have heard some buzz around refunds and next year’s returns. Federal Tax Myth:Getting a refund this year means there’s no need to adjust withholding for 2021. Taxpayers should make any changes now to prepare… Read more » The IRS set out the guidelines of what is and what is not considered a restaurant, for the purposes of the 100% food and beverages deduction for certain businesses that ordered through a restaurant in 2021 and 2022. Normally, this deduction is not allowed; however, a new regulation states that this disallowance under Code Sec.… Read more » After several states declared a tax filing extension, the IRS announced other tax deadline extension to be pushed to the same May 17, 2021 date. According to the IRS, the following areas with the original 4/15 deadline have been affected: Contributions to IRAs and Health Savings Accounts (HSAs) 2017 Unclaimed Refunds Foreign Trusts and Estates… Read more » The IRS announced that the purchase of personal protective equipment (PPE), such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 are considered deductible medical expenses. The amounts paid for PPE are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer… Read more » The IRS has revealed new COVID-19 tax credits for employers of any size, including those that are tax-exempt organizations. For wages paid from March 13, 2020 through December 31, 2020, an employer can receive a refundable tax credit of 50% up to $10,000 in qualified wages paid to an employee. It also includes related and… Read more » In this episode of CTBK Face Value, Laura Markle explains how to use SafeSend Returns, a secure software built to add convenience to filing your taxes. Laura Markle is a principal at CTBK focused on tax and has had a hand in launching this software within our firm and to our clients. For more info… Read more »Child Tax Credit to Be Paid in Advance
Federal Tax Refund Myth Sends Wrong Message
Understanding the Food/Beverage Tax Deduction
IRS Extends Additional Tax Deadlines
Face Masks, Other PPE to Prevent Spread of COVID-19 Are Tax Deductible
IRS Releases New COVID-19 Employer Tax Credits
CTBK Face Value: How to Use SafeSend Returns
