In a Revenue Procedure, the IRS has updated certain inflation-adjusted amounts in light of the American Rescue Plan Act (ARPA). The 2021 inflation amounts were announced in late 2020, however the ARPA changed some of these amounts. Among other changes, solely for tax years beginning in 2021, the ARPA increased the refundable portion of the Child Tax Credit for eligible taxpayers to $3,600 for children under age 6 and $3,000 for children ages 6 to 17. In addition, for 2021, the maximum amount of earned income on which the Earned Income Tax Credit will be computed is $9,820 (up from $7,100) for taxpayers with no qualifying children. Read Rev. Proc. 2021-23 here: https://bit.ly/2R6lgIs Call or visit our website for more information! www.mjscpa.com/
