Required Minimum Distributions (RMDs) for 2021

Reminder, 2021 required minimum distributions (RMDs) from retirement plans should be taken by December 31, 2021. RMDs were suspended for tax year 2020 but have been restored for tax years starting in 2021. (Note: Taxpayers…

Advance Child Tax Credit Payments in 2021

Before 2021, taxpayers could receive up to a $2,000 nonrefundable credit per child, subject to income phaseouts, for the child tax credit. For tax year 2021, the American Rescue Plan Act (ARPA) increased the child…