Current Tax & Accounting News: June 2021
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/
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