Federal Child Tax Credit (CTC) Information

If you have a child (children) that is 17 years of age or younger in 2021 then you will receive a letter from the IRS with information about the Child Tax Credit (CTC). A copy of the letter is below. You could possibly be eligible to receive an advance payment of this credit. We will be encouraging our clients to “Opt Out” of this credit and if you do not opt out, you will automatically receive the advance payments. If you normally receive a refund when filing your tax return, it could put you in a situation in which you OWE taxes or owe more than usual. In addition, the CTC will be based on your 2021 tax return and if you receive advance payments based on your 2020 or 2019 tax return, you may have to pay back any excess payments received.

To opt out of the CTC, you can go to www.irs.gov/childtaxcredit2021 before July 15, 2021 and follow the instructions. Married filing jointly couples will each have to opt out of the credit. If you have any questions, please reach out to your CPA for more information.

Thank you for being a valued client,

TWRU Partners

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Actual Letter

Date: June 4, 2021

Contact number: 800-908-4184

Department of the Treasury Internal Revenue Service

Florence, KY 41042

You may be eligible to receive advance payments of the Child Tax Credit (CTC). If you’re eligible for advance CTC payments and want to receive these payments, you don’t need to take any action. You will receive a letter with more details.

The American Rescue Plan, signed into law in March, made important changes to the CTC for most taxpayers in 2021. The credit amounts increased for many taxpayers, and the credit is fully refundable, which means taxpayers can benefit from the credit even if they don’t owe any income taxes. The credit also includes qualifying children who turn age 17 in 2021. The American Rescue Plan directs the IRS to make advance monthly payments of half the estimated annual CTC. The IRS will make payments from July through the end of this year.

For tax year 2021, the advance CTC payments will be half of the estimated CTC. The maximum annual CTC will be $3,000 per qualifying child between the ages of 6 and 17, and $3,600 per qualifying child under age 6, at the end of 2021. In general, qualifying children must live with the taxpayer in the United States for more than half the year.

The maximum credit is available to taxpayers with a modified Adjusted Gross Income of:

$75,000 or less for single taxpayers,
$112,500 or less for head of household,
$150,000 or less for married couples filing a joint return and qualifying widow(er)s and
the maximum credit phases out for higher income taxpayers.

If you don’t wish to receive advance CTC payments, instructions on how to unenroll from these payments will be available by the end of June. Please continue to check www.irs.gov/childtaxcredit2021 for additional information about these advance CTC payments.

Letter 6416-A (en-sp) (5-2021)

Catalog Number 34528J

TWRU BUST Breast Cancer

TWRU has been a sponsor of Bust Breast Cancer for many years. This is a great event that raises money for The Foundation For Woman’s at Woman’s Hospital. It has been a fashion show of bras (turned into artwork) and an auction. This event has always raised a lot of money for Foundation for Woman’s which is located within Woman’s Hospital and has purchased multiple mammography busses. The mobile mammography busses are used by the doctors and nurses of Women’s Hospital to go out and provide screening to those who cannot make it in for whatever reason.

Due to Covid-19, this event will not be taking place this year. Because the need for the services offered by Woman’s Hospital is not put on hold, money will be raised in a different format. They have asked businesses to design a bra to display so people will go online to vote for which ones they like the best. Each vote is a $1 donation and everyone will be competing for the most votes (dollars raised). Please visit TWRU’s entry at https://app.mobilecause.com/vf/BBCvote/team/TWRU. You will have an opportunity to vote and donate. You can also text BBCvote59 to71777 to vote and donate (message & data rates may apply).

TWRU’s artists Teresa Meyer, Gail Saizon, Whitney Woodson, Christine McCartney, Nicole Zimmer, Halie Englade, and Alex Wicker have designed a bra titled “Wings of an Angel”. The masterpiece will be displayed in our lobby until early October.

This is all leading up to Breast Cancer Awareness Month in October and TWRU wanting to show its support!

TWRU COVID-19 Updates

This page is dedicated to providing information concerning the IRS and Louisiana published new policies concerning Covid-19. This page will be updated as news affecting your tax deadlines and other tax related situations change. Please keep in mind that this is a fluid situation so as policies get clarified a new update is issued. Please note that the newest updates are placed at the top of the list. Should you have specific questions you can email your CPA directly or email info@twru.com.

TWRU CPAs & Financial Advisors will reopen to the public on Monday May 18^th, 2020. Our Office hours will be Monday – Friday from 8 am until 5 pm.

The April 15^th tax deadline has been extended to July 15^th and we anticipate a full workload until then. We would like to encourage all clients to drop off their tax information as soon as possible if they have not done so already.

As with most businesses, there will be a period with some adjustments. Please review the list for guidance when visiting our office.

We will continue to use the drop box located just inside the front door for client drop off. We ask that you place your name and your CPAs name on the envelope before dropping in the drop box.
We have installed a protective guard at the front desk so clients can feel safe signing documents. Only one client (two if a couple) at a time will be allowed to be at the front desk. If a client is at the front desk when you arrive, we would like you to wait just outside the door until that client leaves.
Masks will not be required when dropping off or signing documents, but we strongly suggest it. We will offer a mask to anyone without a mask.
Clients will be given a TWRU pen to sign their paperwork and that will be theirs to keep.
Clients should call your CPA directly if you need an appointment. Mask will be required for CPA meetings. They should be worn when you walk through the front door.
We will offer curbside delivery and pickup. Clients should call from their car and an admin person will go out with their package. The admin person will wear masks and gloves when performing curbside service.

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Issued January 11, 2021 – Paycheck Protection Program Second Draw Loans Update (1-12-21)

Issued September 17, 2020 – Louisiana Main Street Recovery Fund Update (9-18-20)

Issued July 23, 2020 – Louisiana Main Street Recovery Fund

Issued June 17, 2020 – Paycheck Protection Program Update (6-17-20)

Issued June 17, 2020 – Paycheck Protection Program Loan Forgiveness Application Instructions (6-16-20)

Issued June 17, 2020 – Paycheck Protection Program Loan Forgiveness Application (6-16-20)

Issued June 17, 2020 – Paycheck Protection Program Loan Forgiveness Application 3508EZ Instructions

Issued June 17, 2020 – Paycheck Protection Program Loan Forgiveness Application 3508EZ

Issued June 9, 2020 – Paycheck Protection Program Loan Forgiveness Update

Issued May 28, 2020 – Paycheck Protection Program Loan Forgiveness Update

Issued May 21, 2020 – Paycheck Protection Program Loan Forgiveness Guidance

Issued May 20, 2020 – Paycheck Protection Program Loan Forgiveness Application

Issued March 31, 2020 – Louisiana Department of Revenue – Louisiana State Filing and Payment Extensions

Issued March 30, 2020 – Louisiana Workforce Commission – Louisiana Response to COVID-19

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The following document was provided to us by our bankers. We are still trying to get a copy of the actual bill to understand all the elements of the SBA loan stimulus bill. If you want to discuss in more detail please contact your CPA.

Issued March 30, 2020 – Prepared by the U.S. Chamber of Commerce – Coronavirus Emergency Loans Small Business Guide and Checklist

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Issued March 30, 2020 – Senator Marco Robio published – US Senate Committee on Small business & Entrepreneurship – Paycheck Protection Program FAQ’s for Small Businessess

Issued March 23, 2020 – US Treasury, IRS, and Labor Announce Plan to Implement Paid Leave for Worker and Tax Credit for Small to Midsize Businesses

Issued March 20, 2020 – Federal Tax Deadline Extensions

Issued March 18, 2020 – TWRU Office Guidelines

Issued March 18, 2020 – IRS Guidance on Deferring Tax Payments Due