Be On the Lookout for Letters from the IRS!! The IRS announced that it will begin to issue information letters to taxpayers who received Advance Child Tax Credit payments beginning in late December. Additionally, taxpayers who received the 3rd Economic Impact Payment last spring will also be issued information letters on these payments beginning…
Attention Quickbooks Users: Now May Be a Good Time to Upgrade Beginning with the 2022 version of their software, Quickbooks is making some changes to their distribution and pricing models. In the past, it was possible to purchase the most recent version of Quickbooks for a one-time fee and continue to use…
How to Request a Tax Transcript From Your Online IRS Account You may be asked to provide a copy of your recent tax return transcript for a variety of reasons. For example, those taxpayers that were impacted by the change in the taxation of unemployment compensation in early 2021 will need to include a…
With the first month of Advance Child Tax Credits hitting bank accounts and mailboxes last week, we are receiving many questions from our clients who received a payment but were not expecting one. Most of these clients fall in to one of three situations. Taxpayers with high incomes may still receive an advance payment. …
Should I Opt Out of Receiving Advance Child Tax Credit Payments? You most likely have been bombarded lately with information regarding the Enhanced Child Tax Credit and the upcoming advance payments that are set to begin July 15th. We have been fielding lots of questions from our clients regarding these advance payments and whether…
We hope you are enjoying the summer weather. We wanted to update you regarding the IRS portal and the deferring of the advanced payments of the child tax credit. Late last week, the IRS finally updated and opened their on-line portal to allow individuals to unenroll from the advanced payments of the child tax credit.…
IRS is Now Making Automatic Additional Refund Payments for Unemployment Benefits Previously Reported as Taxable, State of Ohio Will Require an Amended Tax Return The Passage of the American Rescue Plan on March 11, 2021 effectively changed the 2020 tax rules regarding the taxation of unemployment benefits. While these benefits are normally 100%…
IRS Set to Begin Making Advance Child Tax Credit Payment on July 15th Taxpayers with dependent children under the age of 18 should have recently received a letter form the IRS describing the changes that were made to the Child Tax Credit under the American Rescue Plan. Under this legislation. the child tax credit for…