IRS to Issue Advanced Child Tax Credits

The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for the tax year 2021. Payments for the increased child tax credit will begin on July 15th. Child Tax Credit Increase For the tax year 2021 only, families claiming the CTC will receive up to $3,000 per qualifying child between the […]

IRS Pushes Tax Deadline

Taxpayers now have more time to compile their 2020 income taxes as the Internal Revenue Service (IRS) moves this year’s tax-filing deadline to May 17th, offering taxpayers and their accountants a huge sigh of relief. This move comes following many pleas from lawmakers and accountants to extend the deadline amid recent changes to U.S. tax […]

All About Gift Tax

When giving assets to a beneficiary, whether cash or property, the government may want to know about it and might even want to collect what the Internal Revenue Service (IRS) refers to as a gift tax.  Fortunately, a large portion of some gifts or estate assets are excluded from taxation and there are numerous ways […]

Cryptocurrency and Tax Law

The IRS has increased scrutiny on Bitcoin and other cryptocurrency transactions in its effort to make those aware who previously neglected to declare these forms of virtual investments. The first question on the 2020 tax year Form 1040 for individuals asks about virtual currency transactions. However, the degree to which the investment is taxed depends […]

Why File a Tax Extension

There are a variety of reasons for filing a tax extension; however, having an extra six months to complete the filing process would be at the top, particularly for the 2020 tax year. Aside from normal tweaks to tax laws, American taxpayers may need extra time to sift through the many changes made through the […]