American Rescue Plan Act of 2021: Introduction and Analysis
- Course Description
This course discusses the federal income tax provisions enacted on March 11, 2021. The course reviews the temporary provisions that are currently scheduled to apply only for tax year 2021, with proposed legislation which will extend and possibly make them permanent. The course also reviews and discusses provisions which were retroactively enacted with an effective date of January 1, 2020. As a result, the course will review the treatment of the §85(c) exclusions for unemployment compensation and how the IRS is data mining the returns filed prior to the passage of the legislation. In addition, the retroactive provisions of the §36B Premium Access Credit will be reviewed for forgiveness of the advanced premium tax credit. The course will discuss the need to amend or not amend returns based on the retroactive changes.
For the temporary provisions of 2021 only, the program will discuss:
- §21 Dependent Care Credit, which has been expanded for the amount spent for “work related expenses” and the increased “applicable percentage” and the new phase-out rules as well as changing the status to a refundable credit.§24 Child Tax Credit, which has been increased in dollar amount, and expands the definition of a “qualifying child” as well as an additional credit amount for a child under the age of 6. The session discusses the new phase-out provisions on the increased credit amounts.
The course will also discuss the §24 CTC Advanced Payments paid by the IRS in 2021 and the reconciliation requirements needed on the 2021 income tax return filed in 2022.
§32 EITC has been expanded and increased for taxpayers without a "qualifying child". There are changes for taxpayers filing a married separate return, as well as for "identification numbers" of a "qualifying child" and an increased "disqualified income" allowance.
§36B Premium Tax Credit, expansion of the Federal Poverty Level and decrease of applicable percentage for required payments based on household income level, and an increase in the PTC for taxpayers receiving §85 unemployment compensation in 2021.
In addition, the course will review the impact of §6428B, for the 3rd round of Recovery Rebate Credits calculated and reconciled on the 2021 returns.
- Learning Objectives
At the conclusion of the session, Tax Professionals will have a better understanding of the legislative changes enacted by the “American Rescue Plan Act of 2021” and will be better equipped for the preparation of the 2021 income tax returns. In addition, the participants will be able to better discuss the challenges and planning opportunities with their clients which can be derived during the remainder of the 2021 tax year. Participants will also have an understanding of the mechanics of the changes that have been enacted and how to apply them in the preparation of the 2021 returns.
To receive the member price, first log into your member account. Your member discount will then be automatically applied. We can also take your registration by phone.
Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.
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Your certificate will be emailed to you within 10 business days of the completion of the course.
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