The American Rescue Act has been saved
The American Rescue Act
Part of the Tax News & Views podcast series
With the American Rescue Plan now officially the law of the land, at least from a tax perspective, it is important that tax professionals, individuals, and business owners alike understand its impact. In this latest episode, Deloitte tax policy leader Jon Traub joins us to expound on the new tax provisions and tax credit expansions under this new bill, as well as what other proposed tax changes we can expect to see coming from the Hill in the near future.
Tax podcast: The American Rescue Act
March 10, 2021
The American Rescue Plan has emerged from the Hill as President Biden’s first big win, and while the stimulus payouts are leading the headlines, tax leaders and businesses are looking more closely at the tax provisions coming out of this new bill and how they will impact filing and reporting.
In this latest episode, we catch up with Jon Traub, a Deloitte Tax leader with years of experience on Capitol Hill developing legislative policies, to break down and explain the main tax provisions in this bill, from expansions to the COVID-19 employee tax credit, to new tax exemptions for businesses that have been severely financially impacted by the pandemic:
One thing to point out is that Congress expanded the number of employees for whom executive compensation limits are applicable under Section 162m. Also, the excess business laws rules were extended by another year, offsetting the cost of providing a tax exemption for certain unemployment benefits.
Jon also discusses the Democrats’ broader tax agenda, plans for future reconciliation bills, and if we’re going to see future stimulus payments.
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