Event Description

The American Rescue Plan Act of 2021 (ARPA) is just the last of a series of legislative acts and IRS notices, pronouncements and regulations that provide help in 2021 for businesses caught in the economic downturn that followed the COVID-19 pandemic. This program covers the most helpful planning strategies that businesses can use in 2021 to reduce or eliminate their tax liability.

Designed For

Tax practitioners who anticipate advising business clients in 2021 regarding strategies to reduce or eliminate federal income taxation

Objectives

Advise business owner clients to adopt tax planning strategies that would reduce their tax liability based on recent legislation and recent IRS pronouncements

Major Subjects

Applying for PPP loan forgiveness Utilizing the Employee Retention Tax Credit (ERTC) in 2021 The interaction of PPP loan forgiveness and the ERTC Sick leave and family leave credits for businesses and self-employed individuals Tax treatment of federal unemployment benefits Restaurant Revitalization grants Economic Injury Disaster loans Increase in exclusion for employer-provided dependent care assistance

Prerequisites

A basic understanding of the tax rules relating to individual income tax

Instructions

None