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IRS is advising of delays in processing of up to 10 weeks due to heavy workloadfrom the stimulus.
Advance Child Tax Credit Payments
The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for the 2021 tax year only. Taxpayers with CTC information on their tax 2020 tax return will automatically receive advances starting July until December of this year.
What do you need to know about the CTC payments?
  • The credit amounts will increase for many taxpayers.
  • The credit for qualifying children is fully refundable (customers without earned income or owed income taxes may qualify).
  • The credit will include children who turn age 17 in 2021.
  • Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return.
  • The total of the advance payments will be up to 50% of the Child Tax Credit.
The potential downside 
With all the stimulus payments received this year, taxpayers might not know this advance payment could reduce their tax refund amounts next tax season. 

More information available at:  IRS.GOV

IRS to Handle Unemployment Returns, Don't Amend  IRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May

American Rescue Plan Act of 2021 - Potential Impacts to your 2020 returns.

The American Rescue Plan Act of 2021 extends unemployment benefits, provides funding for state and local governments, supports vaccine rollouts, expands the child tax credit, makes a portion of unemployment compensation nontaxable for certain filers, and gives many Americans an additional Economic Impact Payment.

Employer and Worker Guidance on Coronavirus: https://www.labor.ca.gov/

Independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

Disaster Relief for business owners and homeownershttps://www.sba.gov/funding-programs/disaster-assistance

Currently, our offices are open for phone appointments and drop off/pickup. Here are some steps we have put in place:

  • All clients are encouraged to use our Secure Firm Portal to send us files and exchange documents online. You can access the portal via our website or https://www.securefirmportal.com

  • Our offices are currently open for phone or video appointments only.  Please call us at 209-229-7970 if you want to schedule a phone appointment.  You can also schedule online here: https://calendly.com/mytaxangel If you need to reschedule please feel free to let us know anytime. You can also reschedule right through your appointment confirmation email under the reschedule link.  

  • Our office is currently open for drop off and pickup M-F 8am-5pm. No appointment is necessary for drop offs.  To accommodate any concerns, our clients and staff may have we have taken the following additional steps:
    • We have increased the cleaning and sanitation of our offices. Every surface, door handle, pens, buttons, everything is continually wiped down with Lysol wipes and sanitizer.
    • We have added additional alcohol-based sanitizer around our office.

Thank you for being a valued client and for your continued trust as we manage through this time together. If you have any questions or need further assistance, please call us at (800) 401-2820 or email us: info@mytaxangel.com.