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The first batch of advance monthly payments were issued by the IRS on July 15, 2021. Under the American Rescue Plan, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. Normally, anyone who receives a payment this month will also receive a payment each month for the rest of 2021 unless they unenroll. Besides the July 15 payment, payment dates are: Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.
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As the use of Virtual Currency increases, the IRS has signaled that they are beginning to step up their enforcement of tax on these transactions. In March of 2021, the IRS launched “Operation Hidden Treasure” to help track down taxpayers who are making virtual currency transactions. Any taxpayer who fails to report these virtual currency transactions, or report them incorrectly, could be subject to civil or criminal penalties. It is crucial for taxpayers who make virtual currency transactions to keep records so that these transactions can be reported accurately on their returns.
As part of the American Rescue Plan Act that became law in March 2021, the Small Business Administration (SBA) has set up a $28.6 billion Restaurant Revitalization Fund (RRF). The RRF awards grants of up to $5 million per physical location and is capped at $10 million per entity and affiliates. These SBA grants will provide restaurants with the funding equal to their pandemic-related loss of revenue.
