Pronto Guest Blog Post by: J. Michael Pusey, CPA In 2018, the Supreme Court opened the door for the states to rewrite their sales tax laws to reach sellers who don’t have a physical presence in the state. South Dakota v. Wayfair Inc., 138 S. Ct. 2080 (2018). Many states have been busy writing and […]
Latest IRS News on the Child Tax Credit
The IRS announced on October 29th, that they will be updating their Child Tax Credit Portal to allow families receiving Child Tax Credit payments to update their income. The IRS has also announced that it will launch a new Spanish-language version of the Child Tax Credit Portal in late November. Updating their income will help […]
New Rules for Cryptocurrency inside The Infrastructure Bill
We are all still waiting on whether or not Congress is about to pass another huge new law, this one is around 3,000 pages, known as “The Infrastructure Bill.” The biggest change I’m seeing in this new bill, in terms of the effect on us as tax professionals, would be the new rules for “information reporting” […]
EIDL Loan Program New, Major Changes
If you work with business clients, you probably have quite a few of them that either already took advantage of that Economic Injury Disaster Loan (EIDL) program, and/or wouldn’t mind having some additional cash on hand right now, yes? If yes, please be advised of a few MAJOR new EIDL program updates, as follows: New […]
$500 Child Tax Credit for College Kids
Wanted to give you a quick heads up about a “secret” that I discovered: Your clients who claim college kids age 18 – 24 as dependents will (*generally speaking) qualify for a “one time” Child Tax Credit payment of $500, paid to them as an advance. So, if you have clients who get an “extra” […]