child tax credit Archives - TAX CONTROVERSY 360

child tax credit

Weekly IRS Roundup April 8 – April 12, 2024

by Kevin Spencer, Evan Walters and Jeremy Kass | Apr 15, 2024 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024.

April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15, which includes the following:

Announcement 2024-15, which revokes the § 501(c)(3) determination for specified organizations and stipulates that contributions made to said organizations by individual donors are no longer deductible under § 170(b)(1)(A) of the Internal Revenue Code (Code).
Notice 2024-31, which provides adjustments to the limitation on housing expenses for purposes of Code Section 911 for specific locations for 2024.
Revenue Procedure 2024-17, which provides a waiver under Code Section 911(d)(4) concerning time requirements for individuals who must leave a foreign country because of war, civil unrest or similar adverse conditions and are electing to exclude their foreign earned income. The revenue procedure also adds Ukraine, Belarus, Sudan, Haiti, Niger and Iraq to the list of waiver countries for tax year 2023 for which the minimum time requirements are waived.
Revenue Procedure 2024-18, which supplements Revenue Procedure 2023-32 by publishing amounts of unused housing credit carryovers allocated to qualified states under Code Section 42(h)(3)(D) for calendar year 2023 (in addition to those amounts published in Revenue Procedure 2023-32).
Final regulations, which describe rules for the elective payment of Inflation Reduction Act of 2022 tax credit amounts in a taxable year, including definitions and special rules applicable to partnerships and S corporations and regarding repayment of excessive payments. The regulations also describe rules related to a required IRS pre-filing registration process.
Final regulations, which describe rules for the elective payment of the advanced manufacturing investment credit under the Creating Helpful Incentives to Produce Semiconductors Act of 2022, including special rules applicable to partnerships and S corporations, repayment of excessive payments, and basis reduction and recapture. The regulations also describe rules related to a required IRS pre-filing registration process.

April 8, 2024: The IRS warned taxpayers about bad tax information on social media that can potentially lead to identity theft and tax problems.

April 9, 2024: The IRS warned tax professionals and businesses to remain vigilant and protect themselves against a continuing barrage of email spearfishing attempts, especially one particular type known as “new client” scams where identity thieves pose as potential clients using fake emails in hopes of stealing valuable information.

April 9, 2024: The IRS reminded taxpayers that its Direct File pilot is open to eligible taxpayers in 12 pilot states and allows the filing of 2023 federal tax returns online for free and directly with the IRS.

April 9, 2024: The IRS released proposed regulations that would implement the statutory netting rule, which reduces the aggregate fair market value of stock repurchased by a taxpayer during a certain taxable year. Additionally, [...]

Continue Reading

Weekly IRS Roundup April 1 – April 5, 2024

by Kevin Spencer, Evan Walters and Jeremy Kass | Apr 11, 2024 | IRS Guidance, Tax Reform, Tax Refunds

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 1, 2024 – April 5, 2024.

April 1, 2024: The IRS released Internal Revenue Bulletin 2024-14, which includes the following:

Notice 2024-29, which provides updates on the corporate bond monthly yield curve, the corresponding spot segment rates for February 2024 used under § 417(e)(3)(D) of the Internal Revenue Code (Code), the 24-month average segment rates applicable for March 2024, and the 30-year Treasury rates as reflected by the application of § 430(h)(2)(C)(iv).
Revenue Ruling 2024-7, which provides the April 2024 applicable federal rates.
Proposed regulations, which provide guidance on the Section 45V production tax credit added by the Inflation Reduction Act of 2022 (IRA) and on the election to treat qualified property that is part of a specified clean hydrogen production facility as energy property under Section 48.

April 1, 2024: The IRS warned taxpayers to beware of scammers attempting to sell or offer help setting up an online account on IRS.gov. Their goal is to get personal tax and financial information that can be used to commit identity theft.

April 2, 2024: The IRS reminded taxpayers there is still time to file federal income tax returns electronically and request direct deposit before the April 15 deadline.

April 2, 2024: The IRS warned taxpayers to beware of promotors who push improper Fuel Tax Credit claims by misleading taxpayers as it relates to fuel use and creating fictitious documents or receipts for fuel.

April 2, 2024: The IRS reminded taxpayers that the credit for other dependents is a $500 nonrefundable credit available to those with dependents who are not eligible for the Child Tax Credit. Taxpayers can claim this credit in addition to the child and dependent care credit and the Earned Income Credit.

April 3, 2024: The IRS reminded taxpayers affected by the terrorist attacks in Israel that they have until October 7, 2024, to file various federal individual and business tax returns that were originally due March 15 or April 15, make tax payments and perform other time-sensitive tax-related actions.

April 3, 2024: The IRS warned taxpayers to avoid offer in compromise (OIC) “mills” that aggressively mislead by raising false expectations and exploiting vulnerable individuals with promises that tax debt can magically disappear. OIC mills are on the IRS’s “Dirty Dozen” list.

April 3, 2024: The IRS reminded taxpayers who adopted or started the adoption process in 2023 that they may qualify for the adoption credit.

April 4, 2024: The IRS warned taxpayers about groups masquerading as charitable organizations to attract donations from unsuspecting contributors and gather sensitive personal and financial information that can be exploited for tax-related identity fraud.

April 4, 2024: The IRS
Continue Reading

Weekly IRS Roundup October 31 – November 4, 2022

by McDermott Will & Emery | Nov 7, 2022 | IRS Appeals, IRS Audits, IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022.

October 31, 2022: The IRS released Internal Revenue Bulletin 2022-44, which highlights the following:

Treasury Decision 9966: These final regulations increase the renewal user fee for enrolled retirement plan agents from $67 to $140 and also increase both the enrollment and renewal of enrollment user fees for enrolled agents from $67 to $140.

Proposed Regulations 113068-22: These proposed regulations relate to recordkeeping and reporting requirements for the average income test for purposes of the low-income housing credit.

Revenue Ruling 2022-19: This revenue ruling provides a rule for valuing noncommercial flights on employer-provided aircraft, including the three Standard Industry Fare Level (SIFL) rates: the Unadjusted SIFL Rate, the SIFL Rate Adjusted for PSP Grants, and the SIFL Rate Adjusted for PSP Grants and Promissory Notes.

Treasury Decision 9967: This document contains final and temporary regulations, which set forth guidance on the average income test for purposes of the low-income housing credit.

October 31, 2022: The IRS released COVID Tax Tip 2022-166, announcing that more than nine million people may qualify for tax benefits they did not claim by filing a 2021 federal income tax return. Many of these people may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the Child Tax Credit and the Earned Income Tax Credit, among others, which were expanded last year under the American Rescue Plan Act of 2021 and other legislation.

November 1, 2022: The IRS released COVID Tax Tip 2022-167, alerting taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations that they may have more time to file their returns and may qualify for penalty relief under Notice 2022-36.

November 2, 2022: The IRS released COVID Tax Tip 2022-168, reminding people to review their tax withholdings to avoid tax surprises, such as a balance due or a larger-than-expected refund.

November 3, 2022: The IRS requested comments on three notices related to different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act of 2022. The IRS hopes that comments will aid the agency in drafting the related guidance items. Feedback should be submitted by December 3, 2022. The notices include:

Notice 2022-56, which requests comments related to the qualified commercial clean vehicles provisions and the alternative fuel vehicle refueling property

Notice 2022-57, which requests comments related to the carbon capture tax credit

Notice 2022-58, which requests comments related to the tax credit for the production of clean hydrogen and the clean fuel production tax credit.

November 3, 2022: The IRS
Continue Reading

Weekly IRS Roundup October 24 – October 28, 2022

by McDermott Will & Emery | Oct 31, 2022 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 24, 2022 – October 28, 2022.

October 24, 2022: The IRS released Internal Revenue Bulletin 2022-43, which highlights the following:

Revenue Procedure 2022-31: This procedure provides guidance on the development, printing and approval of 2022 substitute tax forms.

Revenue Procedure 2022-37: This procedure provides the amounts of unused housing credit carryovers allocated to qualified states under Section 42(h)(3)(D) of the Internal Revenue Code for calendar year 2022.

Notice 2022-41: This notice expands the application of permitted change-in-status rules for health coverage under a Section 125 cafeteria plan. Specifically, this notice addresses when a plan participant may want to revoke an employee’s election under the cafeteria plan for family coverage under a group health plan (other than a flexible spending arrangement) in order to allow one or more family members to enroll in a Qualified Health Plan through a Health Insurance Exchange in the individual market.

Notice 2022-46: This notice requests comments on tax credits for clean vehicles.

Notice 2022-47: This notice requests comments on energy security tax credits for manufacturing.

Notice 2022-48: This notice requests comments on incentive provisions for improving the energy efficiency of residential and commercial buildings.

Notice 2022-49: This notice requests comments on certain energy generation incentives.

Notice 2022-50: This notice requests comments on the elective payment of applicable credits and the transfer of certain credits.

Notice 2022-51: This notice requests comments on prevailing wage, apprenticeship, domestic content and energy community requirements under the Inflation Reduction Act of 2022.

Notice 2022-52: This notice provides additional temporary relief from certain requirements under Section 42 by extending the placed-in-service deadlines for qualified low-income housing projects. The notice is a result of numerous inquiries received related to labor and supply chain disruptions delaying the construction, rehabilitation and restoration of properties.

October 24, 2022: The IRS reminded taxpayers who sell goods and provide services that they may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for transactions that amount to more than $600 for the year. Income from part-time work and side jobs is taxable, and taxpayers must report all their income unless it is excluded by law. Money received from friends and relatives as personal gifts or reimbursements for expenses is not taxable.

October 24, 2022: The IRS released COVID Tax Tip 2022-162, providing information related to early withdrawals from retirement funds.

October 25, 2022: The IRS reminded farmers, ranchers and farm workers that they can find ag-related tax information on IRS.gov.

October 26, 2022: The IRS released Tax Tip 2022-164, advising [...]

Continue Reading

Weekly IRS Roundup October 17 – October 21, 2022

by McDermott Will & Emery | Oct 24, 2022 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 17, 2022 – October 21, 2022.

October 17, 2022: The IRS released Internal Revenue Bulletin 2022-42, which highlights the following:

Notice 2022-45: This notice extends the deadline for amending an eligible retirement plan to reflect the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Both allow for special tax treatment with respect to a coronavirus-related distribution or a qualified disaster distribution.

Notice 2022-43: This notice provides guidance regarding the extension of the four-year replacement period for livestock sold because of the drought. The relief extends to 44 states, two US territories and two independent nations. It generally applies to capital gains realized on sales of livestock held for draft, dairy or breeding purposes.

October 17, 2022: The IRS announced its continued support to fight fraud targeting charities, businesses and individuals during Charity Fraud Awareness Week, which was October 17 to October 21. The IRS estimates that charities lose 5% of their revenue each year to fraud.

October 17, 2022: The IRS released Tax Tip 2022-158, reminding taxpayers to review their withholdings and estimated tax payments.

October 17, 2022: The IRS released Revenue Ruling 2022-20, providing various prescribed rates for federal income tax purposes for November 2022.

October 17, 2022: The IRS released Notice 2022-54, which provides guidance on the corporate bond monthly yield curve and corresponding spot segment rates and the 24-month average segment rates for October 2022. The notice also provides guidance as to interest rates on 30-year Treasury securities and 30-year Treasury weighted average rates.

October 17, 2022: The IRS reminded families that they may be eligible for the Child Tax Credit if they claim at least one child as their dependent. The IRS specifically urges grandparents, foster parents or people caring for siblings or other relatives to check whether they are eligible to receive the 2021 Child Tax Credit.

October 18, 2022: The IRS released Tax Tip 2022-159, suggesting that taxpayers with an outstanding tax bill consider making an Offer in Compromise. An Offer in Compromise is an option for taxpayers who cannot pay their full tax liabilities or in situations where paying the balance would create financial hardship.

October 18, 2022: The IRS announced the 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The Inflation Reduction Act of 2022 is extending certain tax breaks related to energy for the first time in 2023. The standard deduction for a married couple filing jointly and single and married taxpayers filing separately is also increasing. All of the 2023 adjustments can be found in
Continue Reading

Weekly IRS Roundup October 10 – October 14, 2022

by McDermott Will & Emery | Oct 17, 2022 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 10, 2022 – October 14, 2022.

October 11, 2022: The IRS released Internal Revenue Bulletin 2022-41, which highlights the following:

Notice 2022-42: This notice announces that the IRS and the US Department of the Treasury (Treasury) intend to amend the regulations under Section 901 with respect to the application of the noncompulsory payment regulations to certain amended Puerto Rico tax decrees.

Notice 2022-44: This notice provides annual awareness of the 2022-2023 special per diem rates for taxpayers to use when substantiating the amount of business expenses incurred while traveling away from home. The guidance addresses (1) the special transportation industry meal and incidental expenses rates, (2) the rate for the incidental expenses only deduction and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method.

Revenue Procedure 2022-19: This revenue procedure provides guidance to allow S corporations and their shareholders to resolve frequently encountered issues with certainty and without requesting a private letter ruling issued by the IRS.

October 11, 2022: The IRS issued Notice 2022-41, which expands the application of permitted change-in-status rules for health coverage under a Section 125 cafeteria plan. This guidance addresses when a plan participant may want to revoke the employee’s election under the cafeteria plan for family coverage under a group health plan (other than a flexible spending arrangement) in order to allow one or more family members to enroll in a Qualified Health Plan through a Health Insurance Exchange in the individual market.

October 11, 2022: The IRS announced that seminars from the 2022 IRS Nationwide Tax Forum are now available online. The platform offers 18 self-study seminars, including ones on the following topics:

IRS Commissioner Chuck Rettig’s Keynote Address
Tax Law Changes for Tax Year 2022 – in English and Spanish
Professional Responsibility Obligations (Ethics) – in English and Spanish
Tax Treatment of Digital Assets
Tax-Exempt Organizations Update
Emerging Cyber Crimes – in English and Spanish

October 11, 2022: The IRS announced that it is expanding dyed diesel penalty relief in response to Hurricane Ian. The IRS will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on highways in the state of Florida. The relief began on September 28, 2022, and lasts through October 19, 2022. The penalty relief previously only applied to emergency vehicles.

October 11, 2022: The IRS issued a statement related to uncertain tax positions (UTP) reporting. Draft changes to the Schedule UTP and the UTP instructions are available at Draft Task Forms. The draft changes are intended to improve the form’s usefulness by incorporating additional relevant examples and [...]

Continue Reading

Weekly IRS Roundup July 25 – July 29, 2022

by McDermott Will & Emery | Aug 1, 2022 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 25, 2022 – July 29, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 25, 2022: The IRS released Internal Revenue Bulletin 2022-30, which highlights the following:

Employee Plans: Revenue Ruling 2022-13 addresses the application of section 432(b)(7) in the case of a merger of a multiemployer defined benefit pension plan that receives special financial assistance (SFA) from the Pension Benefit Guaranty Corporation into a multiemployer defined benefit pension plan that does not receive SFA.

Estate Tax: Revenue Procedure 2022-32 provides a simplified method for certain estates to receive a time extension for filing a return before the fifth anniversary of the decedent’s death to elect portability of the deceased spousal unused exclusion amount. This revenue procedure applies to estates that are not normally required to file an estate tax return because the value falls under the filing threshold.

Income Tax: REG 130675-17 includes proposed regulations that define the term “foreign currency contract” to include only foreign currency forward contracts.

July 25, 2022: The Treasury Inspector General for Tax Administration (TIGTA) released its report, American Rescue Plan Act: Assessment of the Child Tax Credit Update Portal’s Capabilities and Related Processes. In January, TIGTA made recommendations to the IRS for improving and correcting the Child Tax Credit website. TIGTA also recommended that the IRS develop a reconciliation process for undeliverable checks. This report confirms that the IRS followed and implemented both recommendations.

July 25, 2022: The IRS asked for comments on Form 6781, Gains and Losses from Section 1256 Contracts and Straddles, which is used to calculate gains and losses from section 1256 contracts and straddles.

July 25, 2022: The IRS provided a status update on the Income Verification Express Service (IVES) program. During the third week of July, IVES processed Acknowledgments for requests dated through July 6, 2022, and Transcripts/Rejection Notices for requests dated through June 27, 2022. The IRS also reminded IVES participants that starting August 16, 2022, only the new coversheet from January 1, 2022, will be accepted.

July 25, 2022: The IRS released Tax Tip 2022-112, reminding people with disabilities to use the “Achieving a Better Life Experience” account to help pay qualified disability-related expenses. The tax-advantaged savings account does not affect their eligibility for government assistance programs.

July 26, 2022: The IRS released Tax Tip 2022-113, promoting its IRS2Go app to help people find IRS tools and resources faster and with less scrolling. The IRS2Go app works on mobile devices to check refund statuses and find tax help.

July 26, 2022: The IRS announced a warning for tax professionals [...]

Continue Reading

Weekly IRS Roundup July 11 – July 15, 2022

by McDermott Will & Emery | Jul 18, 2022 | IRS Guidance, Tax Reform, Tax Refunds

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 11, 2022 – July 15, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

July 11, 2022: The IRS announced that the Nationwide Tax Forum will start July 19, 2022. The programing includes a keynote address by IRS Commissioner Chuck Rettig, updates on tax law, cybersecurity, ethics and more. The virtual event will take place over a five-week period from July 19 to August 18 on Tuesdays, Wednesdays and Thursdays each week. Those wanting to participate must register at least three business days in advance to guarantee access. Attendance at the webinars qualifies as continuing education (CE) for enrolled agents, certified public accountants, Annual Filing Season Program participants, California Tax Education Council (CTEC) participants and Certified Financial Planners (CFP).

July 12, 2022: The IRS issued renewed warnings for tax professionals to guard themselves against identity theft. This effort begins next week with the Security Summit’s annual summer campaign, “Protect Your Clients; Protect Yourself,” which is focused on tax professionals taking steps to prevent data theft from their offices. This will mark the seventh year that the IRS, state tax agencies and the national tax community have teamed up to raise awareness on the issue.

July 12, 2022: The IRS announced a special virtual session for those interested in becoming an IRS revenue agent. The agency plans to hire 470 revenue agents for the Small Business Self Employed (SB/SE) division. For further discussion, see our recent post.

July 12, 2022: The IRS issued Tax Tip 2022-105, reminding taxpayers that they can log into their account to check account information, including balance, payments and tax records.

July 13, 2022: The IRS reminded taxpayers to file their tax returns as soon as possible. The agency also encourages people to utilize special tools on IRS.gov to help them file and access assistance.

July 13, 2022: The IRS issued Tax Tip 2022-106, which gives points on how taxpayers should evaluate whether they have a hobby or business.

July 14, 2022: The IRS is requesting comments on Form 8874, Form 1041-QFT and Form 706-GS(T). Form 8874 is for investors seeking a credit for their equity investment; Form 1041-QFT is the return for a qualified funeral trustee to report the trust’s taxes; and Form 706-GS(T) is used to report taxes due from trust terminations subject to generation-skipping transfer tax.

July 14, 2022: The IRS issued Tax Tip 2022-107, which provides information on Individual Retirement Arrangements.

July 14, 2022: The IRS announced a free IRS/Federal Trade Commission webinar focused on scams and identity theft. The webinar will also cover how a taxpayer can add a layer of protection by applying for [...]

Continue Reading

Weekly IRS Roundup May 16 – May 20, 2022

by McDermott Will & Emery | May 23, 2022 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 16, 2022 – May 20, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 16, 2022: The IRS issued an internal memorandum related to a revised definition of “Appeals Coordinated Issues” to streamline the issue coordination process and reduce confusion over terminology.

May 20, 2022: The IRS has requested comments relating to quarterly federal excise tax return reporting.

May 20, 2022: The IRS announced an increase in interest rates for the calendar quarter beginning July 1, 2022, and subsequently released Revenue Ruling 2022-11.

May 20, 2022: The IRS issued a revised set of Frequently Asked Questions (FAQs) contained in Fact Sheet 2022-29 that relate to the Child Tax Credit, as expanded by the American Rescue Plan Act of 2021 (ARPA). The IRS also provided a link, reminding taxpayers when they can rely on FAQs.

May 20, 2022: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Weekly IRS Roundup May 1 – May 7, 2022

by McDermott Will & Emery | May 9, 2022 | IRS Guidance, Tax Reform

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2022 – May 7, 2022. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

May 2, 2022: The IRS issued a news release as part of National Small Business Week, setting forth various resources to assist entrepreneurs with the tax aspects of starting and running a small business.

May 2, 2022: The IRS issued a news release, announcing the opening of the application period for 2023 grants under the Low Income Taxpayer Clinic (LITC) program, an IRS program created to assist organizations in providing pro bono representation to low-income and English as a second language (ESL) taxpayers in federal tax disputes.

May 3, 2022: The IRS issued Notice 2022-23, setting forth proposed changes to the procedures regarding qualified intermediary withholding agreements under Treas. Reg. §§ 1.1441-1(e)(5) and (e)(6). The Notice states that the proposed changes, subject to modifications based on comments received, will be finalized in a forthcoming Revenue Procedure and apply to qualified intermediary withholding agreements in effect on or after January 1, 2023.

May 3, 2022: The IRS issued a news release as part of National Small Business Week, urging small business owners to take advantage of the deductions for business-related food and beverage expenses (as expanded for 2022 pursuant to Section 274(n)(2)(D) of the Code), home office expenses and certain other deductions and benefits applicable to small businesses.

May 4, 2022: The IRS issued proposed regulations, providing updates to the rules regarding the use of actuarial tables in valuing annuities, interests for life or a term of years and remainder or reversionary interests under Section 7520 of the Code.

May 4, 2022: The IRS issued a news release as part of National Small Business Week, providing certain resources regarding estimated tax payments and encouraging taxpayers to make estimated tax payments electronically.

May 5, 2022: The IRS issued a news release as part of National Hurricane Preparedness Week and National Wildfire Awareness Month, reminding taxpayers of certain best practices to minimize the effect of natural disasters on tax compliance.

May 5, 2022: The IRS issued a news release as part of National Small Business Week, urging small businesses to take advantage of electronic options to file payroll tax returns and to pay and make deposits of payroll taxes.

May 6, 2022: The IRS issued Revenue Procedure 2022-22 and an accompanying news release, providing simplified procedures for certain residents of Puerto Rico to claim the Child Tax Credit under Section 24 of the Code, as expanded by the American Rescue Plan Act of 2021 (ARPA).

May 6, 2022: The IRS issued a news release as part of National Small Business Week, providing information to [...]

Continue Reading