The American Rescue Plan Act (ARPA), now signed by President Biden, includes important changes which employers need to be aware of regarding COBRA coverage for certain eligible employees and their dependents. It provides up to 6 months of free COBRA coverage for Assistance Eligible Individuals, a special COBRA enrollment window, and new notice obligations. Premium […]
By Nicole DeRosa, CPA, MAcc, Senior Tax Manager The much anticipated $1.9 trillion American Rescue Plan was released by lawmakers last week and passed by House by a near party-line vote of 219-212 early Saturday morning. The third stimulus package is now on its way to the Senate, which is expected to pass in hopes […]
As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since […]
By Nicole DeRosa, CPA, MAcc Just a mere four days following the House passage, President Joe Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16, 2022, which is projected to raise more than $700 billion in revenue through federal policy changes impacting U.S. energy, environment, and tax sectors. Several noteworthy […]
Last year was another busy legislative year with new administration taking office and tax laws being passed left and right. The American Rescue Plan was enacted back in March; the Infrastructure Investment and Jobs Act (IIJA) was signed into law in November and last, but certainly not least we come to the Build Back Better […]
As mentioned in our earlier blog, American Rescue Plan: Free COBRA Coverage, certain qualified Assistance Eligible Individuals (AEIs) have been eligible for a COBRA premium subsidy between the months of April 1, 2021 and September 30, 2021. With the expiration of this subsidy at the end of this month, employers need to make sure they […]
In an earlier blog, we highlighted the COBRA premium subsidy that was provided under the American Rescue Plan Act. As expected, the IRS has now issued further guidance that provides additional clarification on the subsidy. Notice 2021-31 has been released and addresses some of the many questions that have been outstanding since the passage of […]
First the unemployment compensation exclusion…now this. With less than a week until the original tax filing deadline, the IRS announced the suspension of the requirement to repay excess advance payments of the 2020 Premium Tax Credit (“PTC”) which was a provision rolled out with the American Rescue Plan Act of 2021 (“ARPA”). Unfortunately, being that […]
The Department of Labor has now released model notices as well as additional guidance regarding the COBRA premium subsidies provided under the American Rescue Plan Act. You can review our recent blog for background on the original Act. The model notices and election forms can be found on the Department of Labor website, and are […]
In January, Congress passed the American Rescue Plan Act of 2021, landmark legislation designed to help U.S. residents and businesses stay afloat in the midst of the ongoing coronavirus pandemic. One under-reported element of the plan is the establishment of the $28.6 billion Restaurant Revitalization Fund (RRF), to be administered by the U.S. Small Business […]
American Rescue Plan New Extensions One of the provisions of the recently passed American Rescue Plan covers paid sick and family leave, as originally provided by the Families First Coronavirus Response Act (FFCRA). While the requirement to provide leave under FFCRA expired December 31, 2020, the rescue package extends the tax credits until September 30, […]
Last week, the $1.9 trillion American Rescue Plan Act of 2021 signed into law by President Biden included a very welcome retroactive tax provision for unemployed workers. The bill provides that up to the first $10,200 of unemployment compensation benefits, paid to you in 2020, can now be excluded from taxable income, provided household income […]