Tax credits

From staffing problems and clueless clients to Child Tax Credit issues and IRS backlogs, the top problems practitioners are facing in the run-up to April 15.

The House overwhelmingly passed legislation that would expand the tax benefits for retirement accounts to bolster the savings of Americans.

And as many as 644,000 eligible taxpayers may not have gotten their checks, according to a new TIGTA report.

Americans are still benefiting from a raft of pandemic relief measures that are contributing to the biggest tax refunds seen at this point in the filing season in more than a decade.

Lawmakers are asking the Internal Revenue Service to expedite the processing of Employee Retention Tax Credits and not to penalize small businesses for incorrectly paying their estimated quarterly taxes as they await their claims.

The service updated its FAQ on the Child Tax Credit on Tuesday with new information on eligibility and how to calculate the amount of the credits and payments.

While the Biden administration’s Build Back Better Act remains stalled in the Senate, lawmakers may be able to advance some parts of the legislation, including tax credits for electric vehicles, solar panels and home energy efficiency that have wide appeal to voters.

The Internal Revenue Service has released more information on tax credits available for paid sick and family leave under the American Rescue Plan Act of 2021.

The Internal Revenue Service posted a set of answers Wednesday to frequently asked questions on the Earned Income Tax Credit.

The Employer-Provided Child Care Credit can save employers with eligible expenses more money in taxes than using a deduction alone, and it also helps employees, according to a new report.