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