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The American Rescue Plan created some major changes to the dependent care tax breaks for 2021, and they will likely save your clients a considerable amount of money. Here’s a quick refresher. Continue Reading
Lenders and servicers of most student loans should not file Form 1099-C, Cancellation of Debt, for loans discharged in 2021 through 2025, since borrowers do not have to include these forgiven amounts as income for tax purposes. Continue Reading
The employee retention credit will be terminated early and broker reporting of cryptoasset transfers will be required as a result of legislation (H.R. 3684) that passed the House of Representatives late Friday and is headed to President Joe Biden's desk to be signed into law. Continue Reading
In March 2021, the American Rescue Plan introduced important changes to the child tax credit. Here's how to help clients avoid surprises during the 2021 tax return preparation season. Continue Reading
The IRS announces additional guidance on the employee retention credit, applying to employers who pay wages after June 30, 2021 and before January 1, 2022 Continue Reading
Localities and states have a variety of challenges coming out of the pandemic. But one concern is widespread: how to stay on top of the financial reporting requirements of the American Rescue Plan Act. Continue Reading
The IRS announces that distribution of Child Tax Credit payments have begun via direct deposit and mailed checks. Continue Reading
This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. Continue Reading
President Joe Biden’s administration today unveiled its proposed budget for fiscal year 2022. Continue Reading