President Biden's Proposed Stimulus Plan

January 2021

On January 14, 2021 President-elect (now President) Joe Biden unveiled his proposed stimulus plan presented as the American Rescue Plan. The legislation is currently being negotiated in the Senate. A little more than half of the $1.9 Trillion ‘Rescue Package’ is aid aimed at individuals. Highlights of the plan include:

$465 billion for $1,400 stimulus payments, with expanded eligibility including some dependent adults.

$350 billion for additional unemployment benefits of $400 per week lasting until September 2021. This would start after the current $300 supplement expires in March.

$120 billion for increased tax credits. The Child Tax Credit would be boosted from $2,000 to $3,600 for children under age 6 and $3,000 for children between the ages of 6 and 17. It also includes an expansion of the child care tax credit and an increase in the Dependent Care Tax Credit, allowing parents to receive a credit for up to half of their spending for child care.

$25 billion for rental assistance for low- and moderate-income households who have lost jobs during the pandemic. Another $5 billion would be earmarked for helping renters pay utilities.

Healthcare aid including an increase to the Affordable Care Act premium subsidies, limiting costs to 8.5% of enrollees’ income. Aid will also include implementing subsidies to assist those who lost healthcare benefits from their workplace.

Reinstating and extending paid sick and family leave benefits until September 2021 which had expired at the end of December. The benefits will be extended to workers at businesses with more than 500 and less than 50 employees, as well as federal employees who were left out of the original program.

In addition to this aid to individuals, the Rescue Plan will include:

$350 billion to assist state and local governments.

$170 billion in assistance to schools and universities.

$160 billion to aid in vaccination and testing, including the hiring of 100,000 healthcare workers.

$25 billion to create an emergency fund for childcare and adding $15 billion to an existing grant program to help child care providers.

$15 billion for a grant program separate from the PPP that was created last year.

Future newsletters will include cover the Rescue Plan as it progresses through the legislative process.

Scanning Documents with your Apple Device

Many of our clients send us their tax documents electronically via .jpg. Unfortunately, the quality of these scans is usually not legible. Thankfully, we have found an app for Apple products that produces a clear, legible scan. Follow the instructions below to learn how to utilize this tool.

1. Open Notes and select a note or create a new one.

2. Tap the Camera button, then tap Scan Documents.

3. Place your document in view of the camera.

4. If your device is in Auto mode, your document will automatically scan. If you need to manually capture a scan, tap the Shutter button or one of the Volume buttons. Then drag the corners to adjust the scan to fit the page, then tap Keep Scan.

5. Tap Save or add additional scans to the document.

Learn how to use the Continuity Camera to scan notes from your iPhone or iPad to your Mac.

Welcoming New Faces

As we move into 2021, we at MMA are excited to welcome many new faces to our firm.

Say Hello to Neil Dewan

Neil Dewan joined MMA in December 2020 as an audit manager.

He graduated from Purdue University with a degree in Accounting and has 13 years of experience in public accounting. His career has primarily focused on a variety of audits, with a strong focus in all types of employee benefits.

Outside of the office, Neil is a board member of the Lyric Young Professionals, a Lyric Opera of Chicago initiative to develop the next generation of opera fans and fundraise for the Ryan Opera Center.

In more normal times, he also enjoys attending a variety of live performances around Chicago or spending time near the lake.

In addition to Neil, we are also happy to welcome four new interns for the 2021 tax season. You can read more about each of them below. We're excited to work with each of them as we prepare for another busy year!

Ron Austin, CPA

Brian Eisenmenger, CPA

Brian Hagene, CPA

Brett Mathieson, CPA

John Straus, CPA

www.MMAadvisors.com