Biden Signs New $1.9 Trillion COVID Relief Legislation into Law
As you can imagine, the new $1.9 trillion COVID Relief Legislation covers a lot of ground. Here are the provisions that we believe will be of greatest interest to you:
The Tax Cuts and Jobs Act—Changes to the Child Tax Credit
The Tax Cuts and Jobs Act (TCJA) brought major changes to the child tax credit. For tax years 2018 through 2025, the credit is doubled from $1,000 to $2,000 per qualifying child. In addition, up to $1,400 of the credit is refundable. What’s more, the income phase-out was expanded, which means more taxpayers will…
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