ARPA Adds Cash to the Child Tax Credit (2021 Only)

For the 2021 tax year only, the American Rescue Plan Act of 2021 (ARPA) makes big, taxpayer-friendly changes to the federal income tax child tax credit (CTC). Here’s what you need to know, starting with some necessary background information.   CTC Basics For...

Tax Loophole Allows Tax-Free COVID-19 Payments to Employees

After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law. This little-known tax code provision exempts certain payments from taxation during a disaster or terrorist attack. President Donald Trump’s national...

COVID-19: Significant Payroll and Self-Employment Tax Relief

If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens. Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the...

COVID-19: Tax Season Delayed until July 15—Wait or File Now?

As you know, the COVID-19 pandemic has shut down much activity in the United States. The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after...

Top Eight Changes in the SECURE Act You Need to Know

As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act)....