Gagnon and Associates CPA’s

12/20/2021

With the announcement this past weekend that Senator Joe Manchin will not support the Build Back Better bill the Senate will not have enough votes to pass the legislation, The temporary Advance Child tax credit program deposits will stop effective with the December advance payment until new legislation is passed.

07/02/2021

Starting July 15th, eligible taxpayers will begin receiving advance payments of their child tax credits - you may change direct deposit accounts on the IRS portal. If you depend on those credits to pay your taxes, it may lead to a surprise when you file your tax return next year. Previously the tax credit was $2,000 per qualifying child. The credit has increased to $3000/child 6-17 and $3600/child 0-6 - 50% of this credit will be paid in advance effectively reducing the full $2,000 credit received on your prior tax return because it has been prepaid to the taxpayer. As always if you have questions about this credit we can help.

The Internal Revenue Service says it has added a feature to the Child Tax Credit Update Portal to let individuals enter bank information so they can receive advance child tax credit payments by direct deposit.

06/14/2021

NYS has additional programs businesses may qualify for - this web page will allow you to sort which programs you may qualify for.

We’re here to help New York State’s small businesses reimagine, rebuild and renew. Find out more about our Business Pandemic Recovery Initiative programs—including $800 million in state funding for small businesses—and about rental assistance for tenants. And find a statewide network of cent...

06/06/2021

Little Sunday Funny.