Translations from Your Trusted Advisor.
The American Rescue Plan Act of 2021 was signed into law on March 11, 2021 and included changes to the law that impact 2020 taxes. As some tax returns have already been filed, there are many questions about how resolve or when to file affected tax returns.
Yesterday, the American Rescue Plan Act (HR 1319) passed in the US House of Representatives. The bill now goes to the president for signature. There are many tax components included in the act, some of which are coming as a surprise as the were added late to final versions of the bill.
If your business received Main Street Funds in 2020 and performed better than anticipated, there is a looming question of whether your business will need to repay any of those funds. Taylor Caswell, Executive Director of the Governor's Office for Emergency Relief Recover, recently spoke with WMUR and provided some important clarification.