Jun 3, 2021 | Capaldi Reynolds & Pelosi, News, Tax
On March 11, 2021, President Joe Biden signed a substantial relief bill, the American Rescue Plan Act (ARPA) of 2021. This expands the Child Tax Credit (CTC) for the 2021 tax year by increasing the credit amounts for many taxpayers. While this bill is good news for...
Feb 28, 2021 | Personal Finance, Tax
Truly a relief in 2020, the federal government allocated $175 billion in payments to be distributed to providers of healthcare services and support through the Provider Relief Fund (PRF). Providers even received the Relief Fund Payments from Phase 1, the $30 Billion...
Feb 28, 2021 | Personal Finance, Tax
This year taxpayers may get an Economic Recovery Credit when they file their returns. Will you? There have been two rounds of stimulus checks sent to taxpayers. Those were based on tax returns filed for either 2018 or 2019, the last return filed by the taxpayer...
Feb 28, 2021 | PPP Loans, Tax
The IRS analyzed the legislation authorizing Payroll Protection Program loan forgiveness and, while it found that the forgiven debt was not income, it also found that the expenses paid with the loan funds were also not deductible. It took legislation at the end of...
Feb 28, 2021 | Personal Finance, Tax
An installment sale can be a prudent tax strategy for someone who is selling property or an asset. In an installment sale, the seller receives at least one payment after the tax year in which the sale happened. Rather than receiving the total contract price for the...
