- Certain unemployment benefits received in 2020 may now be nontaxable
- An additional round of economic impact payments up to $1,400 per taxpayer and up to $1,400 for each qualifying dependents. If 2020 tax returns have not yet been filed, the IRS will look to 2019 tax returns.
- Child tax credits up to $3,600 for children under age six, subject to certain thresholds. Child tax credits will now be payable in monthly advances from July through December 2021 and the IRS has been directed to create an online portal for taxpayers to provide eligibility information or opt out of the advance.
If you have questions, contact your accountant and remember to follow us on LinkedIn to stay up-to-date on all of our posts.