The American Rescue Plan passed by Congress in March of 2021 included important changes to the child tax credit. Prior to its passage, the child tax credit was $2,000 per qualifying child with up to $1,400 available as a refundable credit. In 2021, the credit has been increased to $3,000 per qualifying child between the …
We consider ourselves lucky here that we have a wide variety of tax expertise in an assortment of tax areas. Some of the expertise is organic, some we have hired into the firm. Not only do we have the expertise, but everyone is willing to share and help out others in the firm. How do …
Looking for all finance related COVID-19 information? Since the onset of the pandemic, multiple aid packages, legislation, guidance, deadlines, caps and more have been issued, changed or suspended. It’s enough to make your head spin. Henry+Horne has stayed on top of the changes so you don’t have to and we’ve compiled it all into a …
On June 8th, an article was released by news organization ProPublica, claiming to have obtained over 15 years worth of confidential IRS information on the United States wealthiest billionaires. ProPublica stated they obtained the tax information leak from an anonymous source, and have not commented on when the data was obtained. In addition to outcry …
Many families have found themselves in strenuous financial situations and struggling to pay for rent due to the on-going pandemic. In a bid to give rental assistance, on December 27, 2020, the Department of Treasury allocated certain funds to states and political subdivisions, U.S. territories, Indian Tribes, and the Department of Hawaiian Homelands (“Distributing Entity”). …
Though he passed away in 2009, the Michael Jackson estate has been in an extremely long and ongoing fight with the IRS over the valuation of the estate for tax purposes. Earlier in May, Tax Court Judge Mark Holmes ruled that the combined value of Jackson’s assets was around $111.5 million. For comparison, Jackson’s estate …
Did you know the Arizona Department of Revenue has over $45 million in unclaimed property belonging to more than 159,000 people with last known addresses in Maricopa County alone? One of the largest amounts due a single owner is over $596,000! Wouldn’t it be great if that were you? Don’t miss: Community property and tax …
Becoming suddenly unemployed was an unfortunate first-time experience for many during the COVID pandemic. While the worst of it seems to be behind us, at least in the United States, there are many ongoing reasons for losing one’s employment. Preserving your income and assets during periods of unemployment is important and that includes doing what …
During COVID, millions of Americans lost their job or worked fewer hours, prompting many to apply for unemployment benefits. During tax season, people received form 1099-G from their respective states presenting the amount of unemployment benefits they received in 2020. Some people received a 1099-G, but had not applied or received unemployment benefits. The IRS …
In the recent Pub 5332, the IRS has released statistics about those taxpayers in the U.S. who have filed estate tax returns over the past ten years. Estate tax returns, also known as Form 706, must be filed by decedents who are recipients of a “gross estate” at death over a certain filing threshold. For …
Do you qualify for the Employee Retention Credit? How about a Paycheck Protection Loan? Looking for all COVID tax related information? We have you covered!
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