American Rescue Plan Archives

The IRS Answers American Rescue Plan Tax Credit Questions

Bailey Scarano Blog / By Bonnie Buol Ruszczyk

The IRS recently answered some of the most frequently-asked-questions from families and small and mid-sized employers about claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to assist families and small businesses with the fallout […]

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Q&A on the Advance Child Tax Credit Payments

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

There are a lot of questions swirling around about the advance Child Tax Credit, so we wanted to answer a few of them here. If you have further questions, or need help deciding what to do, feel free to reach out to us for input and assistance too. What are advance Child Tax Credit payments?

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Unemployment Tax Refunds on the Way

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

The IRS announced that it had started issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that was excluded from taxable income by the recently enacted American Rescue Plan. Keep in mind that unemployment compensation is taxable, but the ARP excludes $10,200 in unemployment compensation when calculating the amount of taxes owed.

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