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  2. Stimulus Payments

Stimulus Payments

Another Challenging Tax Season for IRS and Taxpayers?

Submitted by Desmond Wealth Management, Inc. on January 31st, 2022

This could be another challenging tax season for the IRS and taxpayers. Although this year’s filing season opens on January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to process and is plagued by staff shortages due to the pandemic and reduced funding in the last few years.

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  • Tax Credit
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Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return

Submitted by Desmond Wealth Management, Inc. on January 12th, 2022

Early in 2021, Congress passed the American Rescue Plan Act which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Under ARPA, the maximum amount for the Child Tax Credit (CTC) was increased from $2,000 to $3,600 for each child 5 years old and under. For children ages 6 - 17, the maximum increased to $3,000.

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  • Tax Credit
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The American Rescue Plan Act of 2021:
 Understanding the 2021 Recovery Rebate Stimulus Payments

Submitted by Desmond Wealth Management, Inc. on March 16th, 2021

The American Rescue Plan Act of 2021 is now a done deal. Among the items of greatest interest to most Americans is a third round of stimulus checks — or IRS “recovery rebates”— of up to $1,400 for every “eligible individual.”

That’s the quick take, but what’s the fine print?

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  • tax return
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