Archive for July, 2021

American Rescue Plan: Employee Retention Credit Extended

The American Rescue Plan Act of 2021 modifies the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act then extended and expanded under the Consolidated Appropriations Act, 2021. This highly popular employment tax credit is designed to encourage businesses to keep workers on their payroll and support small businesses… [Read More]

2021 Tax Update: Advance Child Tax Credit

There are important changes to the Child Tax Credit starting this summer. From July 15, 2021 through December 31, 2021, the IRS is paying half the total Child Tax Credit amount in advance monthly payments. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year… [Read More]