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Child Tax Credit: Changes in 2021 – Due to recent changes in tax law, the IRS began making advance payments, in the amount of half the total eligible child tax credit amount in monthly payments, beginning July 15th - the additional half can be claimed when you file your 2021 income tax return.

  • Updated

Emergent Tax Season Developments – the IRS just announced an automatic extension of the 2020 filing deadline for individual tax returns to May 17th.  This extension of time means that you can file timely by the 17th of May, as well as pay your taxes owing by this date.  It does not mean howe…

  • Updated

In the past, payments of at least $600 to attorneys, independent contractors, or directors, among others, were required to be reported on Form 1099-MISC. Other payments, such as rents, royalties, and prizes, also were reported on this same form, but in different boxes. For the 2020 tax year,…

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