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Child Tax Credit – Advanced Payments

by Derek Loucks, CPA June 24th, 2021

The American Rescue Plan Act (ARPA) passed by Congress on March 6, 2021 temporarily increased the Child Tax Credit, for 2021 only, from $2,000 per qualifying child to $3,000 per qualifying child age 6 to 17 and $3,600 per qualifying child under the age of 6. ARPA also required the IRS to pre-pay 50% of the credit to those taxpayers who qualify starting July 15, 2021 and continuing each month through December 15, 2021. The remaining 50% ...

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Extended 2020 Tax Return Due Date

by Derek Loucks, CPA March 31st, 2021

The IRS announced on March 17, 2021 that the due date for 2020 personal income tax returns has been automatically extended to Monday May 17, 2021. This applies to both the tax return filing and payments for balances due on 2020 federal tax returns. The IRS stated in its release that the 1st quarter 2021 estimate date has not been extended to May 17th and is still due April 15, 2021. Any 1st quarter estimates paid after April 15, 2021 wi...

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PPP Loan Forgiveness

by Derek Loucks, CPA November 24th, 2020

  PPP Loan Forgiveness    Application, Timing, and Deductibility of Expenses The SBA has slowly started to approve PPP Loan Forgiveness applications after political pressure. We have seen multiple clients receive their SBA forgiveness decision. Whether a PPP loan participant can apply for forgiveness as of today, really depends on the bank or financial institution who processed the loan. Some banks have online portals for submitting...

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Latest Articles

Child Tax Credit – Advanced Payments

The American Rescue Plan Act (ARPA) passed by Congress on March 6, 2021 temporarily increased the Child Tax Credit, for 2021 only, from $2,000 per qualifying child to $3,000 per qualifying child age 6...


Extended 2020 Tax Return Due Date

The IRS announced on March 17, 2021 that the due date for 2020 personal income tax returns has been automatically extended to Monday May 17, 2021. This applies to both the tax return filing and paymen...