On March 10, 2021, Congress passed the American Rescue Plan Act of 2021. The tax provisions in the legislation represent less than one-third of the total cost of the legislation. The American Rescue Plan includes many non-tax provisions to help address the continuing pandemic. These include support for unemployed workers, funding for COVID-19 testing and vaccination programs, aid to state and local governments, and assistance to schools to permit returning to the classroom safely. The tax provisions include some of the tax proposals that were part of President Biden’s election campaign. This legislation would enact many of the tax changes only for this year, but later legislation in 2021 is expected to try to make many of them permanent.

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Original Article Posted at : https://www.accountingtoday.com/list/tax-strategy-inside-the-american-rescue-plan