Unemployment Compensation Tax Refunds

2021 – 02/12 Do you have a child age 17 or older or other dependent? You can’t claim the Child Tax Credit for these individuals but you may qualify for the Credit for Other Dependents. The maximum credit is $500 for each dependent who meets certain conditions. For example, the person can be: 1) a…

2020 – 01/30 What’s the U.S. economic outlook for the next decade? The Congressional Budget Office (CBO) just released a report that projects the federal deficit in 2020 will be 4.6% of gross domestic product (GDP) and will rise to 5.4% of GDP by 2030. “Because of the large deficits, federal debt held by the…

2020 – 11/20 In a Revenue Ruling, the IRS clarified when a taxpayer that received a Paycheck Protection Program (PPP) loan may deduct otherwise deductible expenses if, at the end of the tax year, the taxpayer expects to receive forgiveness of the covered loan based on the otherwise deductible expenses. In a nutshell, the IRS…

2019 – 09/25 If a taxpayer has certain foreign financial accounts, he or she must report them on their tax returns. They may also have to file a “Report of Foreign Bank and Financial Accounts” (FBAR). In one case, a U.S. citizen resided in Mexico and had operated businesses there for decades. He failed to…