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Accounting and Accountability

Mar 17, 2021

This special release comes after the signing of the American Rescue Plan Act of 2021 March 11, 2021.  The highlights of this bill that are discussed are:

  • Individual taxpayer stimulus payments;
  • Exclusion of 2020 unemployment compensation from taxable income;
  • Changes in Child and Dependent Care Credits;
  • Changes in the Child Tax Credit;
  • Student Loan Forgiveness is nontaxable;
  • SBA Disaster Loan payments are deferred;
  • Restaurant Revitalization Fund has been created;
  • Paid Sick & Family Leave Credit has been modified and extended; and the
  • Employee Retention Credit has been extended.