Child Tax Credit Update
The American Rescue Plan Act changed the way that the Child Tax Credit is paid to eligible parents for 2021. Instead of being claimed as a credit on your income tax return as was previously the case, starting this...
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The American Families Plan
President Biden recently proposed the American Families Plan which calls for an increased audit rate and higher income taxes. The proposed changes could require proactive tax planning now to determine the best timing of income recognition. The Plan includes...
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Recent Estate & Gift Tax Proposal and Bills
Legislation that would significantly change the Estate, Gift, and Generation-Skipping Tax landscape has recently been proposed. While it is hard to predict whether any of the proposals will be enacted, we feel it is wise to plan for the...
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Tax Day for Individuals Extended to May 17
The Internal Revenue Service announced that 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. The IRS will be providing formal guidance...
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Protective Refund Claims for Taxes Paid Under the Affordable Care Act (ACA)
April 15th is not just Tax Day. It is also the deadline to file a protective refund claim for timely-filed 2017 tax returns. Currently there is litigation pending in the Supreme Court challenging the constitutionality of the tax provisions...
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