Category: IRS

2021 Child Tax Credit

2021 Child Tax Credit and Advance Child Tax Credit Payments

For 2021, families will begin receiving early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit. If the IRS processed your 2020 tax return or 2019 tax return, these automatic monthly payments will begin on July 15 through December 15, 2021, based on the information contained in that return.

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IRS Food and Beverage

IRS Issues Additional Guidance on Food Deduction

The IRS issued additional guidance under the Taxpayer Certainty and Disaster Relief Act of 2020 allowing businesses a 100% deduction for food or beverages from restaurants. Earlier in 2021, legislation increased the 50% deduction to 100%.

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Tax Day Extended May 17, 2021

IRS Extends 2020 Tax Deadline for Individuals

On March 17, 2021, the Treasury Department and IRS announced the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. This extension does not apply to estimated tax payments that are due on April 15, 2021. As of today, tax returns for corporations, trusts, and Arizona state returns are due on April 15, 2021.

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Identity Protection

IRS Offers Identity Protection PIN

Categories: IRS, Tax

The IRS is launching a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent tax return. How does it work? Are you eligible for the program?

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