The American Rescue Plan Act of 2021 was signed into law on March 11, 2021. We’ve gathered highlights of noteworthy ARPA provisions for businesses and individuals.
In order to claim a charitable deduction on your tax return of $250 or more, you need a written acknowledgment from the charity. What if you haven’t received one yet for a charitable donation you made in 2020?
On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law by the President. The CAA, 2021 is the fourth major relief legislation enacted in response to the coronavirus pandemic. Some of the provisions grant retroactive relief to 2020.
The current expected credit loss (CECL) standard has been delayed again. Under the recently enacted COVID-19 economic relief package, large public banks get a reprieve from implementing the updated rules.
