Frequently Asked Questions

Why May Some Families Have To Return Part Of Their 2021 Child Tax Credit Payments?

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 There are some families that could have that information outdated and then their Child Tax Credit eligibility could change and in some cases, they could owe the IRS.

How Will The CTC Be Sent?

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]

What Is The CTC Amount?

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.

Who will Get the CTC?

Families with $75,000 or less adjusted gross income, single taxpayer parents also qualify for the full child tax credit amount. Above $75,000, the amount begins phasing out.

Do I work with an assigned accountant?

Do I work with an assigned accountant? Yes. Working with the same accountant ensures transactions are recorded properly and the accountant learns your business.

Is the QuickBooks account mine?

Is the QuickBooks account mine? Yes. Keep it as long as you like. If you ever become dissatisfied with our service, you are able to take the account with you.

Penalties For Having Treated A Virtual Currency Transaction In A Manner That Is Inconsistent With This Notice Prior To March 25, 2014?

Will taxpayers be subject to penalties? 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 accuracy-related penalties under section 6662. In addition, failure to timely or correctly report virtual currency transactions when required to do so... [Read More]

Are There IRS Information Reporting Requirements For A Person Who Settles Payments Made In Virtual Currency?

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 customers is a third... [Read More]

Are Payments Made Using Virtual Currency Subject To Backup Withholding?

Are payments made using virtual currency subject to backup withholding? Payments made using virtual currency are subject to backup withholding to the same extent as other payments made in property. Therefore, payors making reportable payments using virtual currency must solicit a taxpayer identification number (TIN) from the payee. The payor must backup withhold from the... [Read More]

When One Is Required To File An Information Return With The IRS?

Payments of virtual currency Is a person who in the course of a trade or business makes a payment using virtual currency worth $600 or more to an independent contractor for performing services required to file an information return with the IRS? Generally, a person who in the course of a trade or business makes... [Read More]