President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose...
President Biden’s proposals for individual taxpayers were outlined during his address to Congress on April 28 and in an 18-page fact sheet released by the White House. The ‘American Families Plan’ contains tax breaks for low- and middle-income taxpayers and tax increases for those making...
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law does not...
The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the...
The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until May 17, 2021 as a part of the ongoing pandemic. As part of its announcement, the IRS stated it would...
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations,...
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has affected the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA) by Friday; this legislation includes $1.9...
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and...
The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Below we will take a closer look at...
President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll, and retirement provisions. Here are some of the provisions most likely...