Tax Provisions of the New American Rescue Plan Act of 2021

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.

• 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