Child Tax Credit Payouts – What to Expect

The Child Tax Credit (CTC) is not new, but it was expanded as part of the American Rescue Plan Act of 2021, and you may be wondering what that means and how it will impact your situation.  The biggest takeaway is that instead of waiting until filing

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Requesting a Private Letter Ruling

You may someday find yourself in a unique tax situation and want to remove any uncertainty of the tax treatment of that situation.  In that case, you can request a Private Letter Ruling (PLR) from the Internal Revenue Service. A PLR is a written statement that interprets

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Do Nonprofits Ever Pay Taxes?

When you think about a nonprofit, the first thing that often comes to mind is that it is tax-exempt. Most nonprofits are not subject to federal, state, and local income tax. Does that mean nonprofits are completely free of ANY tax liability? The answer to this is

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How to Make Estimated Tax Payments

If you are paid a salary and receive a W-2 from your employer, part of your paycheck goes to Uncle Sam as federal withholding. These are payments toward your taxes. If you earn additional income beyond your salaried income, if you are under-withheld, or if you have

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ABLE Accounts – Final Regulations

ABLE (Achieving a Better Life Experience) accounts are for eligible individuals with a disability – they are tax-favored savings accounts to which contributions can be made to help pay for qualified disability expenses. The IRS recently released final regulations providing guidance related to various issues surrounding the

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