By Anna Goodman, California Tax Education Council registered tax preparer (CRTP) and an engineer on the Growth team at Gusto
On December 27, 2020 President Trump signed the Consolidated Appropriations Act, 2021 and while round two of the Paycheck Protection Program is getting all the attention, there are many important provisions under this new bill. Among the legislation contained in the new COVID-19 relief package, there were several updates made to a wide array of tax credits. This includes tax credits that were created by the Families First Coronavirus Response and CARES Acts. Many businesses took advantage of those credits and will now be able to continue doing so through part of 2021. This covers what you need to know.
Click here to read the full article on the Gusto blog. It includes:
• Updates to the Families First Coronavirus Response Act (FFCRA)
• Employee Retention Credit (ERC) Modifications
• Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) Updates
• Other Extended Tax Credits