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To embed, copy and paste the code into your website or blog: On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The ARPA provides an estimated $1.9 trillion in stimulus to aid in the COVID-19 pandemic. Below is a summary of the tax provisions of the ARPA: Individual Provisions Recovery Rebate Checks. Recovery rebate checks of up to $1,400 ($2,800 for taxpayers married filing jointly), plus $1,400 for each qualifying dependent (which includes full-time students younger than 24 and adult dependents). The payments will begin to phase out for ind...

Friday, March 12, 2021 On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The ARPA provides an estimated $1.9 trillion in stimulus to aid in the COVID-19 pandemic. Below is a summary of the tax provisions of the ARPA: Individual Provisions Recovery Rebate Checks.  Recovery rebate checks of up to $1,400 ($2,800 for taxpayers married filing jointly), plus $1,400 for each qualifying dependent (which includes full-time students younger than 24 and adult dependents). The payments will begin to phase out for individuals with an adjusted ...

A. Employee Retention Tax Credit The CAA extends, increases, and amends the CARES Act’s Employee Retention Tax Credit (ERTC). Most significantly, the CAA extends the ERTC for qualified wages paid through June 30, 2021, (from Dec. 31, 2020, in the CARES Act) and increases the credit base to 70% of such wages (from 50% in the CARES Act). The CAA also increases the ERTC base to $10,000 of qualified wages per employee per calendar quarter (from $10,000 per employee in the aggregate under the CARES Act). Eligible employers may also seek advance payment of the ERTC for any calendar quarter. Adva...