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Taxpayers who received advance payments of the Child Tax Credit will receive a Letter 6419. According to the IRS website, Letter 6419 will include important details, such as the total amount of advance Child Care Tax Credit payments for 2021.
The IRS is continuously adding and modifying regulations and guidance for taxpayers. One such updated legislation was a temporary, 100% deduction for business meal expenses. As part of the Consolidated Appropriations Act, the U.S. government released guidance that offered a temporary, 100% deduction for restaurant-provided business meal expenses.
The global pandemic has had a nationwide impact on the U.S. economy. Shifting market climates and higher than average unemployment rates have resulted in some individuals falling under hardship during COVID-19.
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