About the Child Tax Credit (CTC) and advance payments
Taxpayers are allowed a CTC for each qualifying child. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act (ARPA). It phases out for taxpayers with adjusted gross incomes (AGIs) over certain thresholds.
Eligible families will receive up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 and older.
Read MoreTags: Accounting, COVID, Child Tax Credit, CTC, IRS
Has the Government-mandated Covid shutdown brought your cash flow to a halt? Have you been able to operate, but still haven’t been able to get your revenues up to the level they were at before all the lockdown madness of 2020? Here's a brief overview of how the federal Employee Retention Credit (ERC) can get you up to $33,000 (per employee) in refundable federal tax credits through the end of 2021.
Read MoreTags: Accounting, COVID, Employment Tax, business, cash flow, Employee Retention Credit, payroll, ERC
Did you know that there have been changes to the 1099 Forms starting in 2020? Fortunately, these are changes that shouldn’t be difficult to deal with.
Starting for the 2020 filing year, the IRS has introduced the 1099-NEC Form, which is to be used to report Non-Employee compensation, previously recorded on line 7 of the 1099-MISC Form. Currently, the definition of non-employee compensation refers to payments to individuals not on payroll, but rather on a contract basis to complete a project or assignment.
Tags: Employment Tax, 1099-Misc, 1099, Taxes, 1099-NEC, IRS Form, 2020 IRS Form 1099
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