Summary: American Rescue Plan Act of 2021
Congress passes $1.9 trillion bill, sent to and signed by President Biden
Congress passes $1.9 trillion bill, sent to and signed by President Biden
The Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law on December 27, 2020, extending federal income tax breaks that were revised to accommodate the economic impact of the Coronavirus pandemic.
Earlier this month, the IRS issued notices to about 260,000 taxpayers, stating they haven’t filed their 2019 federal tax return. The IRS refers to these notices as CP59 notices. They are issued yearly to taxpayers who haven’t filed their tax returns from the prior calendar year (Tax Year 2019).
Private foundations are an undervalued tool for both income and estate planning. They are often bashed in the press for being cumbersome and expensive to operate but we disagree with this opinion.
Congress is anticipated to send $250 billion more to small businesses by the end of the week.
Besides being our marital partners, our spouses are often our strategic business partners. They act as our sounding board, entertain clients, attend business social functions, fill in at the office when short-handed or perform civic and charitable work we volunteer for but do not have the time to do.
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