Advance Child Tax Credit Payments in 2021

In Taxes by Phyllis Ludwig

Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season.  Note that these are ADVANCES and will have a direct impact on your 2021 tax return. If the IRS has processed your 2020 …

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Treasury, IRS and Labor Announce FFCRA Payroll Tax Credits

In Coronavirus, Taxes by Phyllis Ludwig

On March 18th H.R. 6201 – Families First Coronavirus Response Act (FFCRA) was signed into law offering emergency support and requiring paid leave for small business employees affected by coronavirus. The intent of the bill is to support employees who are unable to work for COVID-19 related reasons. While this creates a significant burden for small business employers the bill …

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Tax Reform – 2017

In Taxes by Phyllis LudwigLeave a Comment

Over the past few weeks there has been substantial speculation about tax reform. Now that the Tax Cuts and Jobs Act has been signed into law, let’s discuss the final bill. Hopefully this will clarify some of the lingering questions. The Tax Cuts and Jobs Act is certainly the largest tax reform since 1986. Many individuals will want to prepare …