The American Rescue Plan of 2021: COVID-19 Pandemic Recovery
Author: Jennifer Kowal
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
The American Rescue Plan of 2021 is a $1.9 trillion stimulus package designed to help America recover from the coronavirus pandemic. Key provisions include allocation of funds for vaccine distribution, schools, small businesses and anti-poverty programs. The new law extends certain features of the CARES Act and Consolidated Appropriations Act, including PPP loans, supplemental unemployment benefits and employee retention tax credits, as well as adds important new tax provisions such as an expanded child tax credit. The law also provides an immediate direct payment to taxpayers at and below certain income levels. This webinar will discuss the provisions of prior stimulus bills that have been extended and the most important tax related provisions of the new bill.
Publication Date: April 2021
Topics Covered
- Employer tax credits for providing paid employee leave
- Direct grant payments to certain impacted industries, economic sectors, state and local governments, and institutions
- Small business relief - forgiveable loans
- Unemployment benefits expansion
- Expansion of earned income tax credit and child tax credit
- Income tax provisions
Learning Objectives
- Describe the key features of the American Rescue Plan of 2021 that apply to businesses and individual taxpayers
- Recognize and explain how provisions of these acts apply in common factual scenarios
- Identify how to determine whether taxpayers are eligible for provided benefits under the new legislation
- Recognize how the ARPA stimulus package applies
- Identify the interest rate on PPP loans per year
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic tax preparation experience.
Advance Preparation
None
