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In an update to a recent blog post, the IRS has now sent out most of the Advance Child Credit Letters to taxpayers that received advanced child tax credit payments. It is important to note that taxpayers that file as married filing jointly will each receive an Advance Child Tax Credit Letter.  Each letter will report a portion of the total amount. In many instances each letter will report half of the total amount, but there are situations where the amounts will be different, so it is important to provide the total amount that was received to your accountant.
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Rebecca Acorn, CPA, MST •

In December 2021 the United States Department of Education announced that the COVID-19 Emergency relief related to federal student loans would end on May 1, 2022. Those with eligible loans may have received a suspension of loan payments, 0% interest rate, and stopped collections on defaulted loans. To learn more about repayment restarting, visit your loan provider or Studentaid.gov
 

Late last Friday the House passed the Infrastructure Investment and Jobs Act, the Senate had passed the bill back in August. While there are few immediate tax provisions in this bill, it opens up the way for the reconciliation bill, the Build Back Better Act, which has significant tax impacts.
 
Tax impacts related to the Infrastructure Investment and Jobs Act:

​With the many tax-centered incentives and other COVID-19-related credits comes an increased threat of scammers attempting to steal your money or personal information. As we head into the fall season, M+R would like to remind clients to remain vigilant.
 
Most of the more prevalent IRS scams fall into one of three categories including:

Last week the IRS updated the frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.The new updates now include information regarding COVID-19 immunizations.
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Both business owners and individuals who file taxes in the state of New Hampshire have some changes that may affect them for upcoming tax years, particularly 2022. As a result of some recent budget changes and legislation, all Granite State taxpayers can expect some aspect of these recent changes to affect them. 

​Last week legislation was finalized in the State of New Hampshire allowing for Payroll Protection Program (PPP) Loan forgiveness to conform to the federal treatment. This will allow any forgiven funds to be nontaxable.

The SBA has officially set the opening days for the Restaurant Revitalization Fund which is a $28.6 billion program that will provide grants to restaurants impacted by the pandemic.

​For 2021 and 2022 calendar year periods the 50% meals deduction has been increased to 100% when relating to food or beverages purchased through a “restaurant”. Previously the definition of a restaurant was unclear so the IRS has issued guidance.