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Advance Child Tax Credit Payments
Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their…
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Email Alert
Our mail server is temporarily down for routine maintenance 09-27-2021. We can be reached the old fashioned way in the mean time, (256) 586-4111.
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Deadline for third quarter estimated tax payments is Sept. 15
Sept. 15, 2021, is the deadline for third quarter estimated tax payments. This generally applies to people who are self-employed and some investors, retirees and those who may not normally have taxes withheld from their paycheck by their employers. The U.S. tax system operates on a pay-as-you-go basis. This means taxpayers are to pay most…
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Hurricane Ida Tax Relief
Tax relief now available to victims of Hurricane Ida; Oct. 15 deadline, other dates extended to Jan. 3 Victims of Hurricane Ida that began on Aug. 26 now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering…
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Employer Identification Numbers
Businesses, charities, others with Employer Identification Numbers must update responsible party information within 60 days of any change. Calling it a key security issue, the Internal Revenue Service today urged those entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. IRS…
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Advance Child Tax Credit Payments Start Today
The advances going out today represent a prepayment of the tax refunds parents expect to receive at filing time next year. If you received a tax refund by direct deposit earlier this year, check your bank account to see if you have a direct deposit payment of $300 for children age 6 and under, or…
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IRS Extends May 17th Deadline for Tennessee Residents
Victims of this spring’s storms and tornadoes in Tennessee will have until Aug. 2, 2021 to file various individual and business tax returns and make tax payments. Following The recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to taxpayers affected by storms, tornadoes, and flooding that…
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If You Missed the May 17th Deadline to File and Pay Taxes
The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties…
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2020 Premium Tax Credit
IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer’s excess APTC is the…
