Category: Tax Central

With the recently passed American Rescue Plan, the child tax credit has been expanded for one year, 2021. The plan also provides a new twist:

Article Highlights: COBRA coverage  Federal COBRA Subsidy  Period for Subsidy  Alternate Coverage  The recently passed American Rescue Plan Act (ARPA) includes a provision for the

Article Highlights: IRS Announcement  Limited to Individual Tax Returns  Tax Due Payments  Further Extensions  2021 Estimated Tax Payments Not Extended  The IRS has announced they are extending

Article Highlights: American Rescue Plan Expanded  One-Year-Only Change  Refundability  Child Care Expenses  Credit Percentage  Maximum Credit  Credit Phaseout  Employer-Provided Dependent Care Assistance  Great news if

Article Highlights: Phone Scams  E-Mail Phishing  What’s in Your Purse or Wallet?  What You Should Never Do  Fake Charities  Protecting Against Identity Theft  Thieves use

Article Highlights: Non-refundable vs. Refundable Credit  Childcare Credit  Earned Income Tax Credit  Child & Dependent Tax Credit  Saver’s Credit  Vehicle Tax Credits  Adoption Credit  Residential

Article Highlights: Your Federal Tax Refund Status Can Be Checked Online  Delay When Claiming Earned Income Tax Credit or Additional Child Tax Credit • “Where’s

Article Highlights Prior Filed Returns with Unemployment Income  American Rescue Plan’s $10,200 Exclusion  IRS Automatic Adjustment  Refund Application  When an Amended Return Might Be Required 

Article Highlights: Filing Due Date  Balance due payments  Contributions to a Roth or traditional IRA  Estimated tax payments for the first quarter of 2021  Individual

Article Summary: Foreign Account Reporting Requirement  Financial Crimes Enforcement Network  Penalties for Failure to File  Type of Accounts Affected  Form 8938 Filing Requirements  Some of