Part of the American Rescue Plan Act (ARPA) that was passed in March allowed for an increased child tax credit for certain taxpayers and the choice to receive 50% of the child tax credit as a monthly payment starting in July 2021 and ending in December 2021. Since then, we have received the same question […]
Should you Opt Out of the Advanced Child Tax Credit? Read More »
A new refundable recovery rebate credit for 2020 has been signed into law as part of the Consolidated Appropriations Act of 2021. These payments will be paid in advance to individuals by January 15, 2021 and are in addition to the direct stimulus payments received in 2020. The new rebate is in the amount of
PPP Loan and Taxes The CARES Act was passed on March 27, 2020 and introduced the Paycheck Protection Program. It allowed small businesses to receive a loan and use it over the following 8 weeks to pay approved expenses. If the loan was used for approved expenses, it would be forgiven, and the borrower would
PPP Loan Tax Implications Read More »
Did you take an early distribution from your retirement account in 2020? Many of my clients find themselves with an unexpected tax liability when financial hardship, and sometimes poor planning, force them to take an early distribution from their retirement plan. Normally, taxpayers who are under 59 ½ years of age must pay a 10%
CARES Act Relief: Retirement Distributions Read More »
