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Tax Tip of the Day

CHILD TAX CREDIT UPDATE

IRS is Adjusting Refunds for Incorrect Advance Child Tax Credit Reporting
The last CTC checks were issued in advance for half of your 2022 CTC amount. The other half will be issued in installments on the 15th of the month in 2022, but not before your 2021 tax return is filed.
If you incorrectly reported the amount you received from IRS for advance Child Tax Credit payments, the Internal Revenue Service is adjusting your refunds on 2021 tax returns that are filed. Don't be surprised if you receive a letter from the IRS indicating a change in your refund amount, if you didn't confirm and report on your tax return, the correct amount of Child Tax Credit you received.
If you received a notification of this sort, use the link below to verify the amount that IRS records show as your advance Child Tax Credit paid to you in 2021.

FIRST-TIME HOMEBUYER CREDIT

President Biden has proposed a $15k First-time Homebuyer Act which will offer those who haven't purchased a home within the last three years a $15k refundable credit. Read this article for the details  $15K Homebuyer tax credit and $25K grant head to Congress (themortgagereports.com) Please note: the credit hasn't yet been approved.


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CRYPTOCURRENCY
There's a good chance that you may be taxed on cryptocurrency transactions dating back to 2019. Keep in mind that these are capital gains transactions. The IRS is cracking down on crypto transactions and they're not just moving forward, they're also looking back. Read this article so you can strategize and plan how you want to move with your cryptocurrency whether it is to spend, trade, or sell it  
Failure to report crypto on tax returns can lead to trouble with IRS (cnbc.com.