|Full time Accounting Educator:
This program will cover a critical topic that every practitioner must know about immediately: the new American Rescue Plan Act of 2021 (ARP). Recently signed into law, the ARP contains many new items, including significant tax changes and new tax developments that all practitioners need to be aware of, particularly regarding 2020 return preparation.
Any tax practitioner advising clients with respect to preparing individual and business income tax returns for 2020, or anyone wishing to be informed on the latest stimulus coverage.
- Understand and advise clients regarding major changes included in the American Rescue Plan Act of 2021
- $1,400 stimulus checks for each family member
- First $10,200 in unemployment for 2020 will not be taxed, up to AGI of $150,000
- Student loan forgiveness exempt from tax through 2025
- Changes to the Child Tax Credit, the Earned Income Tax Credit, and the Child and Dependent Care Tax Credit
- Extension of employer credits for sick leave and family leave
- The Employee Retention Tax Credit and the Premium Tax Credit in 2021
- Tax treatment of Targeted EIDL Advances
- Restaurant Revitalization Grants
- Subsidized COBRA continuation coverage
- PPP loan changes for 2021
- Coverage of any other relevant tax provisions