Tax Implications of the New American Rescue Plan Act: Key Considerations for Individual and Business Taxpayers

Planning Opportunities and Challenges for Taxpayers Under the Biden Administration Stimulus Relief Bill

Recording of a 90-minute premium CLE/CPE video webinar with Q&A


Conducted on Thursday, May 13, 2021

Recorded event now available

or call 1-800-926-7926
Course Materials

This CLE/CPE course will provide tax professionals and advisers with guidance on the new American Rescue Plan Act. The panel will discuss essential next steps for taxpayers, obtaining the employee retention payroll tax credit, key issues for self employment taxes, rules for NOLs, and other key items in light of the new relief bill.

Description

On Mar. 11, 2021, President Biden signed the American Rescue Plan Act (the Act), which provides various tax provisions impacting both business and individual taxpayers. Tax professionals and advisers must identify key provisions and related challenges and implement strategies for taxpayers.

The Act provides pandemic relief funding for individuals, businesses, and state and local governments, including a new "Restaurant Revitalization Fund" and a new round of Paycheck Protection Program funding. It also expands the Earned Income Tax Credit, the Child Tax Credit, and the Employee Retention Credit.

Tax professionals must acquire detailed knowledge of certain tax provisions impacting taxpayers, challenges in obtaining available credits and deductions, reporting requirements, and other key items.

Listen as our panel discusses essential next steps for businesses and individual taxpayers and key tax implications stemming from the Act.

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Outline

  1. Key provisions for businesses
    1. Employee Retention Credit
    2. Payroll Tax Credit
    3. Employer compensation deductions
    4. State Small Business Credit Initiative
    5. COBRA
    6. Reporting requirements
  2. Key provisions for individuals
    1. Credits
    2. Rebates
    3. RMD
    4. NOL
    5. Dependent care and health insurance
  3. Business grants and loan programs
  4. Other provisions and best practices for taxpayers

Benefits

The panel will review these and other key issues:

  • What are the key tax provisions of the American Rescue Plan Act?
  • What are the challenges for claiming the employee retention payroll tax credit?
  • How does the new Act impact the self employed?
  • What are the next steps for both businesses and individual taxpayers?

Faculty

Mayo, Daniel
Daniel Mayo, J.D., LL.M.

Principal
Withum Smith+Brown

Mr. Mayo has more than 20 years of professional tax experience as well as experience in federal, international and...  |  Read More

Lee, Richard
Richard Lee, J.D., LL.M.

Manager, Transaction Advisory
Withum Smith+Brown

Mr. Lee has six years of experience in accounting. He manages the tax due diligence process for strategic and private...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

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