Jul 21, 2021 | COVID-19, Personal Tax, Tax Planning
The federal government has begun to distribute child tax credit payments. You can expect to receive these payments monthly if your adjusted gross income is under $400,000 if filing as Married, or $200,000 if filing as Single, Separate or Head of Household. Please keep...
Jun 7, 2021 | COVID-19, IRS, Personal Tax
Nichols & Company ensures that the IRS accepts your return electronically; but after that point, they do not communicate with us about the status of your return. We have heard from our clients and in the news that the IRS is slow to process returns and issue...
Jun 7, 2021 | COVID-19, IRS, Personal Tax
The American Rescue Plan provides some great benefits for working parents with young children: The child care credit has been expanded. The new law increases the amount of the credit, as well as the percentage of employment-related expenses for qualifying care...
Jan 7, 2021 | Business Consulting, COVID-19, Personal Tax
On Sunday, December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law. A $900 billion emergency relief package is included as part of this omnibus spending bill. It is intended to assist individuals and businesses during the ongoing...
Dec 23, 2020 | Personal Tax, Tax Planning
The CARES Act extensions and pandemic provisions bill allows taxpayers to roll over unused amounts in their health and dependent care flexible spending arrangements from 2020 to 2021 and from 2021 to 2022. This provision also permits employers to allow employees to...
Dec 22, 2020 | Corporate Tax, Personal Tax
The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for...
