The House and Senate have just passed the American Rescue Plan Act (ARP) and shortly the president is expected to sign it into law. This bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns.
Details regarding these provisions can be found in American Institute of Certified Public Accountants' (AICPA) summary of the American Rescue Plan Act.
The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Review and Understand Form 1099-K if you receive one Previous announcement: Starting January
#IRSTaxTip The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Check Individual Taxpayer Identification Number (ITIN) - If your and your spouse'
IRS - The American Rescue Plan raised the maximum Child Tax Credit (CTC) in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children ages 6 through 17. Before 2021, the cred