ABACUSES 4 U

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.

The expanded and newly-advanceable Child Tax Credit was authorized by...

The House of Representatives passed the American Rescue Plan Act, H.R. 1319, on Wednesday by a vote of 220–211. It now goes to President Joe Biden for his signature.

Here are the he most important provisions of this act:

It makes the first $10,200 in unemployment benefits tax-free in 2020 for t...

IR-2021-31, February 8, 2021

WASHINGTON — The Internal Revenue Service announced today that a new form is available for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA).

Eligible self-employed individuals wil...