The Child Tax Credit benefits working families by allowing them to claim a refundable credit per eligible child. Under the new American Rescue Plan Act, the amount you can claim has increased! Instead of $2,000 per child, you can now claim $3,600 per child for those 5 years and under, and $3,000 for children between...
These days the IRS is investigating all types of fraud and getting serious about slapping fines on offenders. The IRS is now investigating domestic employment - their efforts are no longer limited to financial technology companies and unreported cryptocurrency transactions, false unemployment compensation claims, and PPP Loan fraud. Lately there has been a significant trend...
This is an update to a prior article written before the election and a Biden Presidency solidified the possibility for tax reform in 2021 or 2022. Many clients already made large gifts in 2020 to take advantage of the historically high gift and generation-skipping transfer (GST) tax exemptions, concerned that these exemptions could be significantly...
It is time for clients to revisit and rethink their investment portfolios. The post-pandemic period will create new opportunities, but the post-election climate has created new risks. This may call for a higher level of diversification for investors, as well as more frequent portfolio rebalancing and added defensive measures. Below find the suggestions we feel...
Just started investing this year? Learn how to recognize and handle potential tax triggers! Despite erratic markets, many young professionals started investing for the first time during the pandemic. Many of them did so quite successfully. If you’re a new investor, here are some scenarios and ways to meet an unexpected tax hit from the...
