Tax Warrior Chronicles

Your Child Tax Payments Could Be Coming Soon!

Posted on Mon, Jun 28, 2021

By: Irina Moyseyenko, CPA, MT

 

The IRS finally released the much-anticipated child tax portals and will start making advance payments to those who qualify. As you may recall from our previous blog, the American Rescue Plan Act introduced an enhanced child tax credit and directed the IRS to pay half of the original or enhanced child tax credit in advance for those who qualify. The IRS has been working hard to implement these changes and recently released tools to help with receiving the credit.

Read More

Tax Breaks for Parents in 2021!

Posted on Mon, May 10, 2021

By: Irina Moyseyenko, CPA, MT

 

The American Rescue Plan Act (“Act”), passed in March 2021, provides significant benefits for taxpayers with children. Today we will discuss the increased tax benefits, which are applicable only to tax year 2021. These benefits will revert to their previous amounts and limits unless extended by future legislation.

Read More

American Rescue Plan Act's Free COBRA Mandate for Businesses - What You Need to Know

Posted on Thu, Apr 01, 2021

Today, a guest blogger looks at an important part of the American Rescue Plan Act of 2021, signed into law last month by President Biden. William Duff Esq., a partner at the law firm Royer Cooper Cohen Braunfeld (RCCB), discusses the mandate for businesses to provide free COBRA coverage for certain beneficiaries.

Read More

Another Round of Recovery Rebates Credits - American Rescue Plan Act of 2021

Posted on Fri, Mar 12, 2021

By: Drucker & Scaccetti

 

Yesterday, President Biden signed into law his first legislative act related to the COVID-19 crisis. Among its near 600-page content, the American Rescue Plan Act of 2021 (ARPA) provides a 2021 $1,400 Recovery Rebate Credit (RRC) per eligible individual and dependent. Dependents include qualifying children and qualifying relatives. Contrarily, the rebates under the CARES Act only included qualifying children. Today we will discuss the details of the 2021 RRC, including the advanced payments, which are expected to begin disbursement soon.

Read More