Advance child tax credit payments letter can help people get remainder of 2021 credit To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January. This letter includes the total
On an email reminder sent last week, the City of Philadelphia requires businesses to give notifications to their employees about a) The Federal Earned Income Tax Credit (EITC) and b) Philadelphia Wage Tax Refund Program on electronic or printed copy and no later than February 1, 2022. The Federal Earned Income Tax Credit (EITC)
In the Issue Number: COVID Tax Tip 2021-187, the IRS makes references to several items that are new or have changed for 2021, such as: Changes to the charitable contribution deduction Taxpayers who don't itemize deductions may qualify to take a deduction of up to $600 for married taxpayers filing joint returns and up to
In the Issue Number: IR-2021-219, the IRS announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing
On the Issue Number: IR-2021-171, the IRS announced the launch of a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal Additionally, the IRS will mail a year-end summary statement (Letter 6419) to all taxpayers who have received
In August 2021, there have been several updates to the Employee Retention Credit guidance plus the National Conference of CPA Practitioners was extremely critical with some of this recent guidance. As you can read on this post, there are still different areas of this tax credit that are litigious and unclear for tax professionals. We
In the COVID Tax Tip 2021-117, the IRS reminds and clarifies advance child tax credit information to the taxpayers. Note that the advance child tax credit is an early payment on potential tax credits (these are estimates) to be claimed on their 2021 tax return during the 2022 tax filing season (January to April 2022).
In the IR-2021-168, the IRS provides relief for certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment, including Designated Community Residents or Qualified Summer Youth
From this summer (2021), there will be significant changes to the Child Tax Credit. Instead of paying the tax credit when the tax return is filed (usually as a tax refund to the taxpayer), the IRS plans to make advance monthly payments beginning July 15, 2021. You will claim the other half when you file
One week to the end of the 2020 tax season (May 17, 2021), the IRS backlogs keeps growing mainly driven by manual reviews and checks due to the unemployment benefits exclusion ($10,200), stimulus checks (rebate credit) that might not have reported accurately in the 2020 tax return, and other items such as Earned income credit.
