In an effort to capture unreported income flowing through third-party settlement organizations (TPSOs) such as Amazon, PayPal/Venmo, card payment processors and other marketplaces, the IRS requires these organizations to report payments made to sellers through their platforms on Form 1099-K.
BHT&D Certified Public Accountants Blog
Tags: Tax Planning, Small Business, Form 1099-K, Income Tax
Early in 2021, Congress passed the American Rescue Plan, which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Historically, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the credit to $3,000 for each child under age 18 and to $3,600 for children under age 6 at the end of the year.
Tags: Individual Tax Return, Tax Planning, Tax Credit, Tax Liability, Child Tax Credit
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