More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service.
The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income limits to be able to claim the credit, and revised the identification number requirement for 2018 and subsequent years. The new law also created a second smaller credit of up to $500 per dependent aimed at taxpayers supporting older children and other relatives who do not qualify for the Child Tax Credit.
“As we approach the 2019 tax-filing season, I want to remind taxpayers to take advantage of this valuable tax credit if they are eligible to claim it,” said IRS Commissioner Chuck Rettig. “Tax reform changed the tax code significantly and doubling the Child Tax Credit is an example of how the changes impact taxpayers.”
As the current situation with the COVID-19 virus outbreak evolves on a daily basis, we have made the decision to temporarily lock our office doors to everyone except employees, for our safety and yours.
Our office is open and we are currently working and maintaining normal office hours in order to serve our valuable clients! We value your business and will continue providing services to you to the best of our ability during this extraordinary time. As a technology enabled firm, we can receive and provide digital, paperless documents through encrypted portals so clients don't have to leave the safety and comfort of their home to securely exchange information with us to complete your required tax filings and accounting preparation.
The April 15, 2020 deadline for all IRS filings has been automatically extended until July 15, 2020.
Please call the office at (727) 344-1463 if you need to drop off or pick up documents. Also, feel free to use our mail slot.
Partners and staff are available via phone and e-mail as always, and can facilitate most meetings using video calling such as Skype or FaceTime.