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A brief summary of the American Rescue Plan Act of 2021

On March 17, 2021, the IRS officially postponed the tax return filing and payment deadline for individual taxpayers from April 15, 2021 to May 17, 2021.  This postponement includes any Self-Employment Tax payable by individual taxpayers who are self-employed.  The postponement, however, does not extend the due date for 1st Quarter 2021 Estimated Tax payments; …

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Employee Retention Credit

General Rules Businesses that suffered significant declines in gross receipts in 2020 or 2021 or that were fully or partially shut down due to COVID-19 restrictions may be eligible for the Employee Retention Credit (ERC).  The credit is designed to subsidize eligible employers that retained and paid employees under difficult economic conditions.  Eligibility for the …

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Obamacare – Protective Claim for Refund

In February 2018, Texas and 19 other states brought a lawsuit against the federal government regarding the constitutionality of the Affordable Care Act (“Obamacare”).  After a District Court ruled that the entire Obamacare program was unconstitutional, California and 20 other states appealed.  The Fifth Circuit Court of Appeals subsequently ruled that parts of Obamacare may …

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