Tax Provisions of the New American Rescue Plan Act of 2021 (2-Hour Webinar)

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.

Additional New Webinars on COVID-19:

Accounting for Debt Restructuring during Uncertain Financial Times Webinar (2 Hours)

COVID-19: The New Legal Landscape for Employers and Employees Webinar (1.5 Hours)

Cybersecurity in a Business World Impacted by COVID-19 Webinar (1.5 Hours)

Employee Retention Tax Credit: A Hands-On Guide to Maximizing the Latest Tax Benefit (1 Hour)

Exploring the Long-Term Economic Impact of COVID-19 Webinar (1 Hour)

Financial Leadership during the COVID-19 Crisis: An Expert Panel Discussion Webinar (1 Hour)

Impact of COVID-19 on Complying with SEC Requirements, including ICFR Compliance Webinar (1 Hour)

Impact of COVID-19 on Financial Reporting & Disclosures Webinar (4 Hours)

International Cash & Treasury Management in a COVID-19 Business World Webinar (1.5 Hours)

Lease Modifications: ASC 842 & COVID-19 Impact Webinar (1.5 Hours)

Managing Global Contracting during the COVID-19 Crisis Webinar (1 Hour)

Recent Developments at the FASB & IASB in Response to COVID-19 Webinar (1.5 Hours)

Recent Developments in Transfer Pricing, including the Impact of COVID-19 Webinar (1 Hour)

Sales Tax Strategies during the Economic Disruption of the COVID-19 Outbreak Webinar (2 Hours)

State And Local Taxation (SALT) Update & the Impact of COVID Relief Programs, including PPP, ERC, et al. (3.5 Hour Webinar)

Tax Aspects of the "Coronavirus Aid, Relief & Economic Security (CARES) Act" Webinar (3 Hours)

Tax Planning for 2020/2021 & Beyond: Biden Agenda, PPP Forgiveness & More (3-Hour Webinar)
 

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
Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
2.00
NASBA Field of Study: 
Taxes