03/11/2021
Congress passed the American rescue plan act on March 10, 2021 President Biden is expected to sign the bill into law. A few highlights of the 1.9 trillion act include an exclusion of up to $10,200 of unemployment benefits received for tax payers making less than $150,000. Taxpayers may receive a third economic impact payment that is an advance of their 2021 tax credit. Changes to the child tax credit, earned income and dependent care credit are also included in this act. Once the act has become law, provisions impacting the year 2020 will be included on a future update through Amstutz Tax Service.  For more information about a return previously filed, please allow time for updates from the IRS after the the bill is signed into Law. 812-388-7362.