Tax Provisions of the New American Rescue Plan Act of 2021 Self-Study Webinar (2.5 Hours)

Overview: 

On March 11th, 2021, President Joe Biden signed the American Rescue Plan Act of 2021 (ARP), a $1.9T stimulus package designed to help businesses and individuals alike recover from the ongoing economic impact of COVID-19. In this self-study webinar, we will discuss important changes to existing tax provisions, including:

  • Expanded unemployment benefits
  • Revisions to Child, Earned Income, and other Tax Credits
  • COBRA premium subsidies
  • Student loan debt forgiveness
  • Restaurant Revitalization Grants
  • Employer Provided Dependent Care Assistance
  • Tax planning opportunities for businesses and individuals

        …and much more

Objective: 

To provide CPAs and tax practitioners with a working knowledge of the tax provisions in the newly passed ARP Act, which provides significant economic relief and support for Americans impacted by the coronavirus pandemic.

Emphasis: 
  • High Level Overview of ARP Act:
    – Goal of the legislation
    – Allocation and timing of stimulus
  • Individual Tax Provisions
    – Unemployment received in 2020 partially excluded from income
    – 2021 Individual Recovery Credit
    – Child Tax Credit expanded for 2021
    – Expansion of Earned Income Tax Credit
    – Child and Dependent Care Credit enhanced and made refundable
    – Health Insurance Premium Tax Credit increased for taxpayers receiving unemployment compensation in 2021
    – Student loan discharges
  • Business Provisions:
    – COBRA Premium Subsidy for employees
    – Increase in the Exclusion for Employer Provided Dependent Care Assistance
    – Targeted Economic Injury Disaster Loan advances
    – Restaurant Revitalization grants
    – Expansion of Rule on Deduction of Compensation of Publicly Held Corporation Employees
    – Pension provisions
  • Bringing It All Together:
    – What businesses need to do today to comply
    – Planning opportunities

Recognize the earliest legislation passed by Congress in response to the COVID-19 pandemic

Recognize the largest expenditure by category under the CARES Act

Identify the amount of the unemployment compensation exemption amount from gross income received in 2020 under the legislation

Identify the increased child tax credit amounts under the Act

Identify the revisions to the EITC under the Act

Recognize the specifics of the expanded child and dependent care credit under the legislation

Identify the increased limit on tax-free employer-provided dependent care assistance under the Act
 

Bottom
Price: 
$129.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
2.50
NASBA Field of Study: 
Taxes