Many parents will receive advance tax credit payments beginning July 15
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable […]
The IRS has announced 2022 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is […]
Tax filing deadline is coming up: What to do if you need more time
“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request […]
The Restaurant Revitalization Fund is now live
The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business […]
Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return […]
Indy’s Best and Brightest Finalists Selected
February 1, 2021 PRESS RELEASE For immediate release Indy’s Best and Brightest Finalists Selected Winners to be announced during the virtual awards program on Thursday, March 11, 2021 [Indianapolis, IN] Junior Achievement of Central Indiana announces its finalists for the 17th annual Indy’s Best and Brightest event presented by KPMG LLP. The event […]
Michael Jamison, CPA, 40 Under 40 Honoree
Michael Jamison, CPA, CGMA – 2020 40 Under 40 Honoree President, OnTarget CPA https://ontargetcpa.com Career highlights: Founded and became President of OnTarget CPA in late 2015 Experience includes many areas of taxation including international tax matters, multi-state taxation, passive activity, tax credits and high net-worth individuals Firm awarded a co-sponsorship with the AICPA for the […]
Michael Jamison On Stimulus Checks
Michael Jamison On Stimulus Checks By: Nikki DeMentri WRTV Posted at 7:06 PM, Dec 28, 2020 and last updated 7:06 PM, Dec 28, 2020 Michael Jamison On Stimulus Checks INDIANAPOLIS — Part of the $900 billion dollar relief package is a second round of stimulus checks to many Americans. WRTV is working for you […]
Answers to questions you may have about Economic Impact Payments
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get […]
COVID-19: IRS announces more relief and details
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]
