Alliance Tax & Accounting LLC

CHILD TAX CREDIT: Tens of millions of advance child tax credit payments have been sent out for August. But some who expected a direct deposit will have to wait.

Missouri's Sales Tax Holiday begins at 12:01 a.m. on Friday, August 6, and runs through Sunday, August 8.

2021 Monthly Child Tax Credit Payments to arrive today, July 15. The 2021 child tax credit payments will continue to be issued on: August 15 September 15 October 15... November 15 December 15 See more

Still waiting for a tax refund? IRS backlog has grown to 35 million returns. Although most taxpayers successfully filed their returns and received their refunds, a historically high number did not. At the conclusion of the filing season, the IRS faced a backlog of over 35 million individual and business income tax returns that require manual processing meaning that employee involvement is generally needed before a return can advance to the next stage in the processing pipel...ine. The backlog includes about 16.8 million paper tax returns waiting to be processed; about 15.8 million returns suspended during processing that require further review; and about 2.7 million amended returns awaiting processing. The backlog resulted largely from the pandemic-related evacuation order that restricted employee access to IRS facilities. - National Taxpayer Advocate

The IRS unveils an online tool to help low-income families register for monthly payments. This nonfilers portal is used to report qualifying children born before 2021, only for families who are not required to file a 2020 tax return. Do not use this tool if you filed or plan to file a 2020 tax return. The IRS Child Tax Credit Update Portal, should be available July 1 and will let you opt out of the advance monthly payments to instead receive one payment of the total amount ...of the credit on your 2021 individual tax return. https://www.irs.gov//child-tax-credit-non-filer-sign-up-to

IRS reminder: Approaching June 15 deadline for second quarter estimated tax payments The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without penalty. Estimated tax is the method used to pay tax on income that isn’t subject to withholding. This includes income from self-employment, interest, dividends, rent, gains from the sale of assets, prizes and aw...ards. You may also have to pay estimated tax if the amount of income tax being withheld from your salary, pension or other income isn’t enough. Who must pay estimated tax? Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when they file their return.

IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15 WASHINGTON The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July. The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March....Continue reading

Our office will be closed Friday, May 28 through Monday, May 31. Have a Happy and Safe Holiday Weekend!

IRS to recalculate taxes on unemployment benefits; refunds to start in May and will continue into the summer.

The IRS has started sending out the third stimulus checks. If you have not received your stimulus, please use the "Get My Payment" tool on the irs.gov website. Our office does not know when an individual will receive their stimulus check. If you have questions, refer to the irs.gov website or call the IRS directly.