Federal

IRS Information Letter 6419 for Advance Child Tax Credit May Contain Incorrect Information

The IRS announced Monday that recipients of Letter 6419, which addresses 2021 advance Child Tax Credit (CTC) payments, should double-check the information it contains, as some letters may provide outdated information.  To ensure they have correct information, taxpayers should login to the recently updated IRS website for the advance CTC and use the payment information […]

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Save Your IRS Information Letters: Advance Child Tax Credit and Third Economic Impact Payments

The IRS is issuing information letters to recipients of the Advance Child Tax Credit (CTC) and the third round of the Economic Impact Payments (EIP). Our accountants are encouraging recipients of both letters to retain them for their tax records, as they should be used when preparing 2021 tax returns to reduce errors and delays. […]

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PRF Phase 4 Payments and Other Updates

Phase 4 Payments On December 14, 2021, the Health Resources and Services Administration (HRSA) announced the distribution of approximately $9 billion in Provider Relief Fund (PRF) Phase 4 payments to health care providers who have experienced revenue losses and expenses related to the COVID-19 pandemic. Payments will start to be made this week.  The total […]

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IRS Issues Guidance on Penalty Relief of Retroactive Termination of the Employee Retention Credit

On Dec. 6, 2021, the Internal Revenue Service (IRS) issued guidance that provides penalty relief for employers that received an advance payment or reduced their employment tax deposits regarding the Employee Retention Credit (ERC) for the fourth quarter of 2021. Employers were awaiting guidance because the Infrastructure Investment and Jobs Act enacted on Nov. 15, […]

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