picture of tax withholdings form

The latest news covering personal taxes, business taxes, accounting, accounting for credit unions and more.

2021 Child Tax Credit: Here’s who will get up to $1,800 per child in cash — and who will need to opt out

“With the stimulus checks, recipients didn’t have to repay the IRS if they received more than they were entitled. That’s not the case with the enhanced Child Tax Credit.”


Aimee Picchi, 6/21/2021, CBS News, accessed 6/21/2021, https://www.cbsnews.com/news/child-tax-credit-eligibility-1800-dollars-opt-out-irs-2021-06-21/



IRS offers tool to register for monthly child tax credit

“The Internal Revenue Service and the Treasury Department introduced an online tool Monday that enables families to register for monthly payments of the expanded Child Tax Credit.

The tool is aimed at families who don’t normally file a tax return so they can register for the expanded Child Tax Credit offered under the American Rescue Plan Act that Congress passed in March”


Michael Cohn, 6/14/2021, Accounting Today, accessed 6/16/2021, https://www.accountingtoday.com/news/irs-offers-tool-to-register-for-monthly-child-tax-credit 

For PPP loans, small-business owners should stop and think before seeking forgiveness

“Instead of designating its payroll costs to get forgiveness on its loan, a small-business owner can instead use those same funds to apply for another stimulus benefit: the Employee Retention Tax Credit — or ERTC. Doing so may result in even more cash back from the government and a greater overall savings.”


Gene Marks, 6/15/2021, The Philadelphia Inquirer, accessed 6/16/2021, https://www.inquirer.com/business/small-business/ppp-employee-retention-tax-credit-forgiveness-payroll-new-program-20210615.html

A new round of surprise tax refunds is coming this week. Will you get one?

“If you collected unemployment last year and filed taxes ahead of Biden’s relief law, you may have overpaid based on what you thought you owed. So, you may have a refund coming, though only if your adjusted gross income (total income minus a few deductions) was under $150,000.”


Doug Whiteman, 6/20/2021, yahoo! finance, accessed 6/21/2021, https://finance.yahoo.com/news/round-surprise-tax-refunds-coming-130000973.html

CUNA backs NCUA proposed rule on prompt corrective action relief

The Credit Union National Association (CUNA) has expressed its support for the National Credit Union Administration’s (NCUA) interim final rule on prompt corrective action (PCA) relief.

The rule temporarily enables the NCUA Board to issue an order to waive the earnings-retention requirement for any federally insured credit union classified as adequately capitalized. It also modifies regulations relating to specific documentation required for net worth restoration plans.”


Dave Kovaleski, 6/15/2021, Financial Regulation News, accessed 6/16/2021, https://financialregnews.com/cuna-backs-ncua-proposed-rule-on-prompt-corrective-action-relief/

Accounting Professionals at Griffin & Furman

The accounting professionals at Griffin & Furman are ready to help with your accounting needs and tax planning – give us a call.

Credit Unions, Save Time and Money with Our Audit Prep Tips

Credit Unions, it’s time to begin prepping your year-end audit.  But first, slow down! At Griffin & Furman, LLC, we know that this season typically is a stressful time for Supervisory Committees and management—and it doesn’t have to be. Get going with these three...

Secure Your Tax Records During Hurricane Season

As we head into the peak of hurricane season, taxes are most likely not your highest priority. But, as with any potential disaster, it’s incredibly important for taxpayers to protect records and key documents—not only for your peace of mind but to aid in any recovery...

3 Strategies for an Efficient Supervisory Committee

With the rising expectations of Supervisory Committees, volunteers face the real challenge of staying up to date with regulatory requirements. Luckily, there are steps that the team can take to stay on track—all it takes is a little bit of consistency.  Implement...

Do This, Not That: Common Social Security Mistakes

Social Security is an important benefit for Americans—and yet, many do not fully understand the strategy that goes into managing Social Security income.  The Harris Poll and the Nationwide Retirement Institute recently found that only 54% of Americans who are not...

NCUA Call Report Changes in March 2023

The National Credit Union Administration 5300 Call Reports are quarterly listings of summarized accounts collected from all federally insured credit unions. These must be filed about 30 days after the end of each quarter—so before you file, make sure that you make...

New Rules, Same Ways to Reduce Your Tax Bill

With new and changing laws every year, it is increasingly easy for taxpayers to overlook deductions and credits that may reduce their tax liability. This year, we want to highlight the American Plan Rescue Act of 2021—which fleetingly increased specific tax credits...