COVID-19 - CAA

CONSOLIDATED APPROPRIATIONS ACT OF 2021

On December 27, 2021, the second major economic relief package, delivering an expected $900 billion to individuals and businesses impacted by the coronavirus pandemic, was signed into law by President Trump. The Consolidated Appropriations Act (CAA) is a $2.3 trillion spending bill that combines $900 billion in stimulus relief with a $1.4 trillion omnibus spending bill for the 2021 federal fiscal year (combining 12 separate annual appropriations bills) and prevents a government shutdown. The bill is one of the largest spending measures ever enacted, surpassing the $2.2 trillion CARES Act, enacted in March 2020. The legislation is the first bill to address the pandemic since April 2020. According to the Senate Historical Office, at 5,593 pages, the legislation is the longest bill ever passed by Congress.

IRS GUIDANCE AND RESOURCES

IRS Notice 2021-11- On January 19th, 2021, the IRS extended the period during which employers must withhold and pay Applicable Taxes. The period is extended from April 30, 2021, to December 31, 2021, and associated interest, penalties, and additions to tax for late payment with respect to any unpaid Applicable Taxes will begin to accrue on January 1, 2022, rather than on May 1, 2021.

STIMULUS CHECK INFORMATION

TAX WARRIOR BLOGS AND ALERTS

January 8, 2021 - Consolidated Appropriations Act of 2021: A New Relief Package

TAX WARRIORS IN THE NEWS, WEBINARS, & PODCASTS

January 4, 2021 - Latest Relief Law Refines PPP Loan Conditions - Financial Advisor

March 15, 2021 - Consolidated Appropriations Act of 2021 Update: Your Clients May Call You About These Changes - Philadelphia Estate Planning Council Winter 2021 Newsletter (Page 8)

THIRD-PARTY RESOURCES

Drucker & Scaccetti is Now Armanino LLP...LEARN MORE

COVID-19: CONSOLIDATED APPROPRIATIONS ACT

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