In the News - July 13, 2021

Staying current with accounting industry news should be one of your important daily action items, but one that is tough to keep up with while you are busy managing client work. Here is the news for July 13, 2021. 

Millions of families will begin receiving advance child tax credit payments this week. The advance payments will be up to 50% of the expanded child tax credit. Taxpayers can use the following IRS tools provided to assist with decisions and actions around these payments:

• Determine if taxpayers are eligible for advance payments
• Submit information if not required to file a return but are eligible for the child tax credit
• Manage payments to:
  • Check if you’re enrolled to receive advance payments
  • Unenroll to stop getting advance payments
  • Provide or update your bank account information for monthly payments starting with the next monthly payment

AvidXchange, the North Carolina company that provides accounts payable automation software for middle-market businesses, has acquired FastPay. Jed Simon, CEO of FastPay says, “FastPay and AvidXchange share similar core values with relentless focus on the success of both our clients and teammates.” The deal adds expertise in the media industry to AvidXchange's portfolio of solutions. FastPay will become known as “FastPay, an AvidXchange company”. 

Denver-based Pax8, providers of a dynamic cloud service delivery platform, was recognized by Microsoft US in the 2021 Business Excellence Indirect Provider category for its client impact, solution innovation, deployment and exceptional use of advanced features in Microsoft technologies. “Over the last year, we’ve been working with our partners to adapt and innovate during the challenging times. We worked closely with Microsoft to develop strategic programs, create new resources, and advanced solutions to empower the ecosystem to leverage Microsoft’s cloud technology platforms," said Nick Heddy, Chief Revenue Officer at Pax8.