Required Reporting of Cash Receipts Over $10,000 In general, businesses must report to the IRS cash transactions in excess of $10,000 on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business within 15 days and the requirement cannot be avoided by splitting into multiple transactions. Before January Read more…
Advance Child Tax Credit Payments to Begin July 15th The IRS recently announced that 2021 Advance Child Tax Credit (CTC) Payments will begin disbursements on July 15, 2021 for the period between July 1, 2021 and December 31, 2021. Recent legislation expanded the existing child tax credit and made the Read more…
Distributions from 529 Plans Now Allowed for Student Loan Repayments Effective January 1, 2020, qualified distributions can be paid out of 529 education savings accounts to cover costs associated with registered apprenticeship programs and to repay up to $10,000 of qualified student loan debt. Qualified student loan withdrawals have a Read more…
Tax Payment Relief on Account of Coronavirus The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020 until July 15, 2020. This relief includes tax due for 2019, and also includes estimated tax payments for tax year 2020 that are due on April 15, Read more…