What You Need to Know about Child Tax Credit Advances

Posted by Kathy Dean-Bradley, CPA On May 17, the Internal Revenue Service and the Department of Treasury announced additional details and changes surrounding the Child Tax Credit (CTC) outlined in the American Rescue Plan. The full legislative text can be reviewed here: IR-2021-113. Our team has provided highlights of these updates and what you should consider below as letters from … Continued

Form 1099 and W-9 Reporting Requirements

By Steve Ritchie, CPA   Due to increased enforcement and related assessment of penalties for failing to timely and accurately file Forms 1099, we felt it was important to share the following requirement and due date information specifically associated with Forms 1099. Important Form 1099 Due Dates January 31, 2020 Form 1099-MISC information returns, used to report Nonemployee Compensation (NEC) … Continued

What are the Effects of Marriage on Taxes Post-TCJA?

Posted by Amy L. Gordon, CPA The marriage tax penalty or benefit occurs from a change in a couple’s tax liability as a result of marriage and subsequently filing jointly. The marriage tax penalty results when the tax burden of a married couple filing jointly is greater than that of an unmarried couple filing separately. This penalty has impacted married … Continued

Personal Income Tax Scam Warning

The Delaware Division of Revenue has issued an alert regarding a new taxpayer scam designed to trick taxpayers into thinking they have received official communication from the Division of Revenue.