Author page: Angela Brock

IRS issues information letters

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience WASHINGTON — The Internal Revenue...

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Annual Gift Tax Exclusion

The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones. Over time, lifetime gifts can also be an effective way for wealthy people to minimize their taxable estates. Here...

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Year-End Giving Reminder

Year-end giving reminder: Special tax deduction helps most people give up to $600 to charity, even if they don’t itemize WASHINGTON – The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more...

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Advance Child Tax Credit

Advance Child Tax Credit The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act.  The IRS will calculate these payments based on the 2020 tax return.  If that return is not available because it has not...

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Tax Breaks for a Dependent Parent

Eventually, some adults find themselves providing financial support to the people who previously supported them as children (their parents). If you pay over half the costs of supporting your parent, you may be eligible for some well-deserved tax...

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COBRA Subsidy

One of the many provisions signed into law with the American Rescue Plan Act of 2021 was a new COBRA premium subsidy that pays for 100% of the applicable premiums for eligible individuals. To comply with the law, businesses will face a few...

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Changes to the 2021 Child Tax Credit

The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Pre-ARPA...

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