Newsletters
IRS Enhances Key Online Tool for Monthly Child Tax Credit Payments
Posted July 2021
On June 30, 2021, the IRS added a bank account update feature to its Child Tax Credit Update Portal (which is available only on IRS.gov). This new feature allows eligible families to easily update their bank account information so that they can receive their monthly Child Tax Credit payments in their desired bank account.
Capital Gains Tax Rate Increase Could Be on the Horizon
Posted July 2021
High-income investors may want to take action to realize gains at current, lower tax rates. President Biden’s current tax plan will raise the top tax rate on capital gains from 23.8% to 43.4% for households with income over $1 million. However, the President’s proposed budget appears to reflect this tax increase occurring in late April of 2021. If Congress agrees to a retroactive tax increase, tax planning will not be possible.
Supreme Court Strikes Down California Donor Disclosure Rule
Posted July 2021
On July 1, 2021, the U.S. Supreme Court ruled that California’s nonprofit donor disclosure requirements violate the First Amendment. The case, which is also seen as having a potential impact on campaign finance regulations, opens the door for further legal challenges against states that have similar rules requiring tax-exempt organizations to share their IRS Form 990 Schedule B and Schedule of Contributors with state officials. This schedule generally includes the names, addresses, and total contributions of all donors who contribute more than $5,000.
Tax Filing Reminders – July 2021
July 31
September 15
September 30
October 15