New Baby? Does Your Newborn Come With An Advance Child Tax Credit?
According to the IRS, one of the planned enhancements for the Child Tax Credit Update Portal will enable parents to add children who are born or adopted in 2021.
Five Facts About The New Advance Child Tax Credit
The advance CTC payments will be up to $300 a month for each qualifying child under age 6, and up to $250 a month for each qualifying child age 6 to 17.
Taxpayers Are Asking IRS: ‘Where Is My Refund?’ And ‘Where Is My Stimulus Payment?’
The Non-filer Sign-up Tool is one of the options available for tracking an IRS tax refund or a stimulus payment, but many people remain frustrated waiting for their funds
Inherit An IRA Recently? IRS Revised Pub. 590-B Corrected On May 25, 2021
The correction eliminated the annual withdrawal language for inherited IRAs, clarifying that withdrawals could be made at any time before a 10 year-deadline.
File An Amended 2020 Tax Return After New PPP Guidance, Or Wait?
Under Revenue Procedure 2021-20, those who filed 2020 tax returns and did not deduct PPP-related expenses can do so in an amended return or on next year's return.
Talk To The IRS: Here’s How To Make Your Voice Heard On Tax Issues
You can submit recommendations for the 2021-2022 Priority Guidance Plan, which the IRS uses to prioritize tax issues that need to be addressed.
Apply To The TAP By June 1 If You Want To Help Improve The IRS
If you qualify, you could serve a three-year term on the Taxpayer Advocacy Panel, an advisory committee to the IRS made up of about 75 citizen volunteers.
2020 RMD: Meet IRS Form 8606
Form 8606 is used for certain instances involving IRAs, including nondeductible contributions to traditional IRAs, distributions from Roth IRAs and Roth conversions.