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IRS tagged posts

2022 Tax Legislation Update

Thanks to L. K. Benson for sharing this blog on updates on tax legislation.

There have been some notable updates on tax legislation recently and we wanted to provide a quick overview here:

SECURE Act Proposed Regulations

On February 23, 2022, the IRS issued proposed regulations to reflect the changes to the Internal Revenue Code made by the SECURE Act. The SECURE Act was signed into law back in December 2019 and I wrote about the changes it contained here. The most significant of those changes was the new 10-year rule for inherited IRAs. 

Prior to passage of the SECURE Act, most non-spouse beneficiaries of a retirement account were eligible to “stretch” the distributions from that IRA account over their life expectancy...

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Monthly Child Tax Credit Payments

L.K. Benson Tips from the Pros tax reform

Thanks to L. K. Benson for sharing this blog about monthly child tax credit payments with us.

The following is a summary letter outlining the changes to the child tax credit prepared by the AICPA:

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:

  • Amount has increased for certain taxpayers
  • Is fully refundable (meaning you can receive it even if you don’t owe the IRS.
  • May be partially received in monthly payments

The new law also raised the age of qualifying children to 17 from 16. This means some families will be able to take advantage of the credit longer.

The IRS started paying half the credit in the form of advance monthly payments be...

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