COVID-19: AMERICAN RESCUE PLAN ACT

AMERICAN RESCUE PLAN ACT of 2021

On March 11, 2021, President Biden signed into law his first legislative act related to the COVID-19 crisis, the 590-page the American Rescue Plan Act of 2021 (ARPA).  also called the American Rescue Plan, is a $1.9 trillion economic stimulus bill passed by the 117th United States Congress to speed up the United States' recovery from the economic and health effects of the COVID-19 pandemic and the ongoing recession.  First proposed on January 14, 2021, the package builds upon many of the measures in the CARES Act from March 2020 and in the Consolidated Appropriations Act, 2021, from December.

IRS GUIDANCE AND RESOURCES

Rev. Proc. 2021-23 - On April 30th, 2021 the IRS released updated inflation adjustments to be used by taxpayers for their 2021 income tax returns. The adjustments apply to the Child Tax Credit, Earned Income credit, and  Premium Tax Credit.

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TAX WARRIOR BLOGS AND ALERTS

March 12, 2021 - Another Round of Recovery Rebates Credits - American Rescue Plan Act of 2021