Understanding IRAs: IRAs can provide financial security for your retirement. Individual Retirement Arrangements, or IRAs, provide tax incentives for you to make investments that can provide financial security for your retirement. These accounts can be set up with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker. Types of Retirement… Read More

IRS continues unemployment compensation adjustments as it prepares another 1.5 million refunds. Another 1.5 million taxpayers will receive refunds averaging more than $1,600 as the IRS continues to adjust unemployment compensation from previously filed income tax returns. The American Rescue Plan Act of 2021, which became law in March, excluded up to $10,200 in 2020… Read More

Millions of American families have started receiving monthly Child Tax Credit payments. Millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This first batch of advance monthly payments worth roughly $15 billion reached about 35 million families across the… Read More

Homeownership and taxes: things taxpayers should consider when selling a house Right now, the housing market is as hot as it has been in years. Inventory is low and demand is high. In some areas, homeowners are receiving multiple offers at or above the asking price. Homes are also selling “as is” or “with no… Read More

Looking ahead: How the American Rescue Plan affects 2021 taxes. This post is the second of a two-part overview of ways the American Rescue Plan may affect your 2021 taxes. You can read Part 1 on the Blog page of our website. Changes Expanding EITC for 2021 and Beyond New law changes expand the Earned… Read More

Looking ahead: How the American Rescue Plan affects 2021 taxes Part 1 The 2020 tax filing deadline may have just passed, but it is never too early to start planning for filing your 2021 taxes. This post is the first of two that provide an overview of how the American Rescue Plan may affect some… Read More

IRS begins correcting tax returns for unemployment compensation income exclusion. Periodic payments to be made May through summer. The Internal Revenue Service will begin issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation. The recently enacted American Rescue Plan later excluded this compensation from taxable income. American Rescue Plan of 2021 The IRS identified… Read More

IRS suspends the requirement to repay excess advance payments of the 2020 Premium Tax Credit. What Are APTC and PTC The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Those eligible can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance… Read More

American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines. The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their… Read More

The third Economic Impact Payment (EIP3) is different from the first and second payments in several ways. The Third Economic Impact Payment Is an Advance Payment of the 2021 Recovery Rebate Credit The two earlier payments are advance payments of the 2020 Recovery Rebate Credit. Eligible people who did not get a first and second Economic Impact Payment… Read More