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 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:
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High Level Overview of ARP Act:
– Goal of the legislation
– Allocation and timing of stimulus
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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
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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
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Bringing It All Together:
– What businesses need to do today to comply
– Planning opportunities