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New IRS Advanced Child Tax Credit Payments

apresti

New IRS Advanced Child Tax Credit Payments

July 22, 2021 Dear Clients, Colleagues and Friends, On July 15, 2021 the IRS made the first of six monthly advanced Child Tax Credit payments to eligible taxpayers. These payments are one of the provisions of the American Rescue Plan Act of 2021 and are part of the significant changes to the Child Tax Credit for […]

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aaguanno

Experts: IRS Guidance Needed on American Rescue Plan

Experts: IRS Guidance Needed on American Rescue Plan The IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure. “I hope Treasury will say something very soon: FAQs, press release, something. IRS undoubtedly will have to write […]

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tzanata

Supreme Court Rejects Affordable Care Act Challenge

Supreme Court Rejects Affordable Care Act Challenge The Supreme Court has reversed and remanded California v. Texas, holding that the Plaintiffs do not have standing to challenge the Patient Protection and Affordable Care Act’s (ACA) minimum essential coverage provision. In 2010, ACA, under the newly added Code Sec. 5000A, required most Americans to obtain minimum essential health […]

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dsager

American Rescue Plan Tax Credit FAQs

American Rescue Plan Tax Credit FAQs The IRS issued two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers) in claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to […]

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lvarela

Child Tax Credit Letters Being Sent

Child Tax Credit Letters Being Sent The IRS has started sending letters to over 36 million families who, based on tax returns filed, may be eligible to receive monthly child tax credit payments starting July. Eligibility of these families are being evaluated based on information provided by taxpayers in their 2019 or 2020 tax returns, […]

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tzanata

Final Disaster Deadline Postponement Regulations

Final Disaster Deadline Postponement Regulations The IRS has finalized regulations relating to the mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a federally declared disaster. Further, the regulations clarify the definition of “federally declared disaster.” The regulations affect individuals who reside in or were killed or injured in a disaster area, businesses that have […]

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tzanata

Residential Rental Property Depreciation Procedures

Residential Rental Property Depreciation Procedures The IRS has released a revenue procedure explaining how a taxpayer changes its method of computing depreciation for certain residential rental property. Automatic consent procedures for changing accounting method are available for taxpayers adopting the depreciation method changes. Residential Rental Property Allowed 30-Year ADS DepreciationTax Cuts and Jobs Act ( P.L. […]

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tzanata

Eligible Partnerships May File Amended Returns

Eligible Partnerships May File Amended Returns An eligible partnership may file amended partnership returns for tax years beginning in 2018, 2019, and 2020 by filing a Form 1065, U.S. Return of Partnership Income (Form 1065), with the “Amended Return” box checked. The partnership may also issue an amended Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc. (Schedule K-1), […]

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tzanata

Marriage Was Valid for Estate Tax Purposes

Marriage Was Valid for Estate Tax Purposes An estate was allowed a marital deduction because the decedent’s marriage was valid in the country of celebration. The decedent, who was Jewish, obtained a religious divorce under rabbinical law in New York from his first wife after a New York court had declared his Mexican divorce invalid, […]

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tzanata

BEAT QDP Reporting Requirement Deferred

BEAT QDP Reporting Requirement Deferred The Treasury Department and the IRS have announced that they intend to amend the base erosion and anti-abuse tax (BEAT) regulations under Code Sec. 59A and Code Sec. 6038A to defer the information reporting requirements for qualified derivative payments (QDPs) until tax years beginning on or after January 1, 2023. The current regulations provide […]

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