Aloha Valued Client,
Here is a wonderful summary prepared by the NATP highlighting the many positive things you can expect from the American Rescue Plan Act. This document highlights:
- Expanded Unemployment Expansion of benefits
- Reduced COBRA insurance payments
- More Stimulus Payments
- More Child tax credits
- Expanded Earned Income Credits
- More Dependent Care (Daycare/Adult Care) benefits
- Extended Employee Retention Credits
- Reduced Insurance Premiums, Premium Tax Credits
- Student Loan Forgiveness
- Exclusions from income for EIDL grant benefits
- Restaurant Revitalization grant treatment
- Schedule K Merchant Fee treatment and reporting
Keep in mind that things are being added and changing all the time.
