Federal Tax Update Podcast

This week we look at:

• IRS makes a major change in computation of excludable ARPA unemployment
• PPP loan program applications extended for two months - but funds only likely to last until mid-April without replenishment
• PPE is defined by the IRS to represent medical care for purposes of deducting the expenses

Copyright 2021, Kaplan, Inc.

This week we look at:

• IRS releases instructions on reporting ARPA unemployment exclusion
• AICPA recommends IRS issue clarification on PPP forgiveness/passthrough issues
• IRS pushes back the filing date for Forms 1040 only - everything else still due on April 15, including Q1 2021 estimates

A look at the American Rescue Plan Act of 2021

• Unemployment exclusion for 2020
• Recovery Rebate for 2021
• Prepaid Child Tax Credit for 2021
• Earned Income Tax Credit Changes
• Refundable Dependent Care Assistance
• Sick/Family Leave Credits
• 2021 Employee Retention Credit
• Premium Tax Credit Revisions

Copyright 2021, Kaplan, Inc.