Starting in July of 2021, qualifying families with children ages 17 and under will start receiving monthly child tax credit (CTC) payments from the Internal Revenue Service (IRS). The American Rescue Plan Act (ARPA) expanded the child tax credit when it was signed into law this spring. All the details haven’t been completely worked out, so we will keep this blog post updated as more information is available.
As it stands right now, here are the important points to be aware of: Read More >>
Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability.
Long-Term Contracts and AMT
When reporting regular tax calculations, contractors that have average gross receipts under $25 million are able to account for their long-term contracts us Read More >>