The amount of the Child Tax Credit is based on the age of the dependent children: Age 6 and younger: $3,600 annually ($300 per month) Ages 6 to 17: $3,000 annually ($250 per month) Ages 18 to 24: $500 annually (one-time)
The IRS calculates advance payments eligibility according to the adjusted gross income and number of dependents from 2020 or 2019 tax returns. There are some families that could have that information outdated and then their Child Tax Credit eligibility could change and in some cases, they could owe the IRS.
The IRS is sending half of each family’s total estimated credits in six monthly installments beginning July 15 and will be sent each month until they end in December. The payments will be sent through direct deposit in people’s bank accounts. The IRS will mail paper checks to people for whom it doesn’t have bank... [Read More]
For 2021, the maximum child tax credit amount is $3,600 for a child under age 6 and $3,000 for a child ages six through 17 as of Dec. 31, 2021. The regular CTC is $2,000 per child for children age 16 and under.
Will taxpayers be subject to penalties for having treated a virtual currency transaction in a manner that is inconsistent with this notice prior to March 25, 2014? Taxpayers may be subject to penalties for failure to comply with tax laws. For example, underpayments attributable to virtual currency transactions may be subject to penalties, such as... [Read More]
Are there IRS information reporting requirements for a person who settles payments made in virtual currency on behalf of merchants that accept virtual currency from their customers? Yes, if certain requirements are met. In general, a third party that contracts with a substantial number of unrelated merchants to settle payments between the merchants and their... [Read More]