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Income Taxes › Internal Revenue Service › Child Tax Credit

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
McDermott Will & Emery

Weekly IRS Roundup April 8 – April 12, 2024

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 8, 2024 – April 12, 2024. April 8, 2024: The IRS released Internal Revenue Bulletin 2024-15,...more

Allen Barron, Inc.

Tax Updates and Information for US Expatriates

Allen Barron, Inc. on

US tax filing is underway, and as we approach the April 15 deadline we would like to offer additional tax updates and information for US expatriates. The first and most important thing for US expatriates to know about taxes...more

McAfee & Taft

Oklahoma’s Parental Choice Tax Credit

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Earlier this year, the Oklahoma Legislature created the Oklahoma Parental Choice Tax Credit Program. It provides a refundable income tax credit beginning with tax year 2024 for Oklahoma taxpayers who incur expenses for a...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, September 20, 2022

Brownstein Hyatt Farber Schreck on

Democrats’ Latest Push for an Expanded CTC. With the year-long effort to legislate a comprehensive energy, healthcare and tax bill finally completed, many Democratic lawmakers and members of the administration have fully...more

McDermott Will & Emery

Weekly IRS Roundup July 25 – July 29, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 25, 2022 – July 29, 2022...more

McDermott Will & Emery

Weekly IRS Roundup March 6 – March 12, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 6, 2022 – March 12, 2022... March 6, 2022: The IRS issued a news release reminding...more

McDermott Will & Emery

Weekly IRS Roundup January 30 – February 5, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2022 – February 5, 2022... January 31, 2022: The IRS issued Revenue Procedure...more

White and Williams LLP

2022 Tax Filing Season: Nine Things You Need to Know

White and Williams LLP on

The 2022 tax season is upon us. With what promises to be an unusual tax filing season, below are nine updates and tips to keep in mind. 1. Tax Returns are Lagging. On January 12, the National Taxpayer Advocate issued its...more

McDermott Will & Emery

Weekly IRS Roundup November 22 – November 26, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 22, 2021 – November 26, 2021... November 22, 2021: The IRS released a memorandum...more

McDermott Will & Emery

Weekly IRS Roundup August 16 – August 20, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 16, 2021 – August 20, 2021... August 17, 2021: The IRS Security Summit series, in...more

Freeman Law

Back Off, IRS!—Accounts Holding Advance Child Tax Credit Payments Immune from Levy?

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By now, many eligible taxpayers may have found a deposit appear in their bank account during July. This was likely in addition to one or more correspondence letters from the Internal Revenue Service and/or the White House...more

McDermott Will & Emery

Weekly IRS Roundup July 12 – July 16, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021... July 12, 2021: The IRS issued a news release announcing the...more

Bowditch & Dewey

Will You Receive Child Tax Credit Advance Payments?

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Beginning on July 15, 2021, you may start receiving Child Tax Credit advance payments from the IRS. These payments are advancements against half of your 2021 Child Tax Credit, so if you do receive these payments, they will...more

McDermott Will & Emery

Weekly IRS Roundup June 14 – June 18, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 14, 2021 – June 18, 2021... June 14, 2021: The IRS issued a news release unveiling updates...more

McDermott Will & Emery

Weekly IRS Roundup May 17 – May 21, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 17, 2021 – May 21, 2021... May 17, 2021: The IRS issued Revenue Ruling 2021-9, providing...more

Baker Donelson

S.A.L.T. Select Developments - April 2021

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State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain SALT developments in several...more

Morgan Lewis

Nonemployee Compensation Reportable on Revived Form 1099-NEC for 2020 Payments

Morgan Lewis on

The Internal Revenue Service has revived Form 1099-NEC to eliminate confusion about complying with new filing deadlines aimed at combatting fraud. ...more

Foodman CPAs & Advisors

What is new in a “nutshell” for FORM 1040 for TAX YEAR 2018

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For Tax Year 2018, Taxpayers will use the new and re-designed Form 1040. Although the IRS’s sentiment is that many Taxpayers will only need to file Form 1040 and none of the NEW NUMBERED SCHEDULES, there will be Taxpayers...more

Foster Garvey PC

Decoding the Tax Cuts and Jobs Act – Part VII: Family Matters and Major Events in the Lives of Individuals

Foster Garvey PC on

The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more

Schwabe, Williamson & Wyatt PC

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Real Estate and Construction Industry?

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The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Schwabe, Williamson & Wyatt PC

Summary of Tax Cuts and Jobs Act

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The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Ballard Spahr LLP

Tax Truths: Volume 1, No. 2 – December 2016

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AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE - President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more

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