President Biden signed the American Rescue Plan into law on Thursday, March 11, 2021. The law provides $1.9 trillion of tax and financial relief to businesses and individuals and includes a provision that makes a taxpayer’s first $10,200 of unemployment compensation (UC) non-taxable at the federal level. Many taxpayers who were waiting to see if
Taxes
Today’s column addresses questions about how far in advance you can apply to begin Social Security retirement benefits, whether new income will increase benefits and the ability to delay retirement benefits while receiving survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,
Tucked inside the American Rescue Act is a tax change that has big implications for tax revenue and the gig economy. Starting for tax year 2022, many contractors with gig economy companies like Uber UBER , DoorDash and Lyft LYFT will be getting 1099 forms when they previously wouldn’t have. The end result is that
The 100% COBRA subsidy in the $1.9 trillion American Rescue Act means that more than 2 million laid off Americans will have the option to extend their workplace healthcare insurance for free—temporarily. The U.S. government will pay the full cost of workplace healthcare premiums for laid off workers from April 1 through the end of
Every once in the while the IRS comes out with something that may cause beleaguered tax preparers to breathe a sigh of relief. This just in, which is short enough to reproduce in full. IRS Statement – American Rescue Plan Act of 2021 The IRS is reviewing implementation plans for the newly enacted American Rescue