Entrepreneurs need to educate themselves about the resources available for their business ventures. Here’s an overview of how the government assists businesses.
FACT SHEET: The American Rescue Plan Will Deliver Immediate Economic Relief to Families marketswired.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketswired.com Daily Mail and Mail on Sunday newspapers.
Vaccination, employee shortage, tax credits on the minds of business owners coastalpoint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coastalpoint.com Daily Mail and Mail on Sunday newspapers.
On March 11, 2021, President Biden signed H.R. 1319, the American Rescue Plan Act (ARPA) passed by Congress one day earlier, into law. ARPA is the sixth major COVID-19 response legislation to become law since the spring of 2020. ARPA includes several tax policy provisions relevant to employers and their employees.
Specific tax policy provisions of the new law relevant to employers include:
Extends Employee Retention Tax Credit to December 31, 2021.
Extends Paid Leave Credit to September 20, 2021 and increases the Credit to $12,000 (up from $10,000) per employee.
Revokes an election that came into effect in 2021 to allow multinational companies to allocate their interest expenses on a worldwide basis.