The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year.
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension”
The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that “roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.”
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses.
Here are some of the tax highlights of the ARPA.
Whether or not you’ve heard of the “Security Summit,” you’ve benefitted from the work this group does. The Security Summit is a partnership between the Internal Revenue Service, state tax agencies and the private-sector tax industry.
The Biden Administration announced changes to the Paycheck Protection Program (PPP) to increase lending to smaller businesses and help ensure equitable distribution of loans to them. But qualified businesses may want to act fast because there is a two-week period when PPP loan applications will exclusively be accepted from businesses with fewer than 20 employees.
The COVID-19 crisis currently coloring all aspects of our lives has even led to considerations related to the tax deductibility of fixed asset transactions. Here are some planning opportunities to consider that can provide businesses with financial benefit.