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What Happened in May: Current Tax & Accounting News

by Jun 1, 2021Accounting for Credit Unions, Tax Accounting

The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions.

Payments for the new $3,000 child tax credit start July 15. Here’s what to know

May 25 2021 Katie Conner – “If you’re eligible for the child tax credit payments, you should get a head start on calculating how much money you’ll get before the first payment arrives July 15. The IRS is working on opening two portals for families with qualifying dependents so they can update their information.”  Read the full article here.

IRS unemployment tax refund: Taxpayers frustrated by tracking issues, slow pace of payments

May 24, 2021 Christopher Zara – “…many Americans who overpaid taxes on unemployment compensation in 2020 are now eagerly waiting for a second refund that the IRS said would begin to go out this month. With the month more than half over, the IRS is providing few updates.”  Read more here.

U.S. Treasury calls for stricter cryptocurrency compliance with IRS, says they pose tax evasion risk

May 20, 2021 Thomas Franck – “The Treasury Department on Thursday announced that it is taking steps to crack down on cryptocurrency markets and transactions, and said it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service.”  Read the full article here.

COVID-19 Small Business Tax Breaks You Need to Know

May 3, 2021 Lisa Lagace – “If you helped out your employees this year with any expenses related to the pandemic, you’ll also receive tax relief thanks to the Section 139 tax deduction. This deduction allows the payments you made to be qualified as an expense, reducing your taxable income.”  Read more here.

Beneficial ownership database will ease CDD compliance

May 5, 2021 CUNA – “CUNA supports creating a beneficial ownership information database, as it would shift the burden of collecting beneficial ownership information from credit unions to the Financial Crimes Enforcement Network (FinCEN).”  Read the full article here.

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