The third stimulus payment was an advance payment of the 2021 Recovery Rebate Credit. If you did not receive a third stimulus payment check or an amount less than you were eligible for, you could claim the Recovery Rebate Credit on your 2021 tax return. Since March 2021, more than 175 million third economic stimulus…
As the cryptocurrency market continues to grow the IRS has increased its efforts to increase cryptocurrency tax compliance. If you have bought cryptocurrency or are interested in buying there are a few things you should know regarding cryptocurrency taxation. What is Cryptocurrency? Cryptocurrency is a virtual currency that uses crypto technology to secure payment online.…
On September 13th, the House Ways And Means Committee approved tax provisions that will be part of the Build Back Better Act which may be effective as of January 1, 2022. The proposed legislation scales back on key tax proposals set forth in Biden’s American Families Plan. Although there is uncertainty about which proposals will…
The American Rescue Plan Act of 2021 significantly increases the Child Tax Credit (CTC) for one year to help families impacted by the pandemic. Millions of eligible families will receive a CTC of $3,000 to $3,600 for each child. Additionally, half of the credit will be paid in advance. On July 15th, the IRS will…