Millions of families have been receiving monthly advance payments of the Child Tax Credit. Provided by the American Rescue Plan that was passed earlier this year, these payments have been going to eligible households since July. As with any tax-related change,...
Taxpayers with foreign bank or financial accounts are being reminded that time is running out to file the yearly report of their holdings. The annual Report of Foreign Bank and Financial Accounts (FBAR) is due on Oct. 15. The deadline applies to any U.S. citizens,...
Everyone likes more choices nowadays, and the Internal Revenue Service is set to deliver. They’re serving up a batch of new self-study seminars for tax professionals. Eighteen new seminars—recorded in July and August as part of the 2021 Nationwide Tax Forum –...
Much has been made recently of the Child Tax Credit. And what’s not to like? This refundable credit could be worth thousands of dollars in refund and recent legislation allows advance payments to qualified taxpayers. But what if a taxpayer’s dependents just don’t...
The Internal Revenue Service is instituting a user fee for estates seeking an estate tax closing letter. At the same time, however, the agency is reminding estates there’s another path that avoids the fee altogether. The new user fee—a $67 charge for providing a...
