Thanks to a provision in the American Rescue Plan Act, which Congress passed back in 2021 without any Republican votes, small businesses and individuals will receive millions of new tax forms in the coming months from Payment Settlement Entities (PSEs). Beginning in 2023 (for 2022 tax purposes), PayPal, Venmo and online marketplaces that connect buyers…
Read More »As we advised you a couple of weeks ago, a 100% subsidy of COBRA premiums was mandated by the American Rescue Plan Act (ARPA) through September 30. The ARPA further dictated that plan administrators give advance notice to “assistance-eligible individuals” (AEIs) that their COBRA subsidy period is coming to an end. The final date by…
Read More »A federal district court in Ohio has issued a permanent injunction against a provision in the American Rescue Plan Act (ARPA) prohibiting states from using ARPA funds to offset state tax cuts. The provision provided that no states, territories or local communities that accepted funds from the American Rescue Plan Act (approximately $350 billion total…
Read More »Last Saturday marked the beginning states rejecting additional federal funds to pay unemployment premiums to those who’ve yet to return to work as four states (Alaska, Iowa, Mississippi and Missouri) stopped the bonus as of June 12. All told, 25 states will actually cease the payments before the formal federal expiration scheduled for September 6.…
Read More »A few weeks ago, the Internal Revenue Service (IRS) released its much-anticipated guidance on an individuals premium costs and an employers tax breaks for continuation of COBRA coverage. Among the provisions in President Biden’s American Rescue Plan Act of 2021 (ARPA) is a temporary 100% reduction in an individual’s COBRA health coverage premium following either…
Read More »The U.S. Small Business Administration (SBA) announced yesterday that the application portal for the agency’s Restaurant Revitalization Fund (RRF) would close at 8:00 PM next Monday, May 24. Notwithstanding that the RRF was funded with almost $29 billion and was thought to be a big benefit for the entire restaurant industry, the program has exhausted…
Read More »In the onslaught of changes in employment law resulting from the pandemic and other initiatives, one could be excused for missing one deadline or another, but that’s not the case with the government. In fact, one of the provisions of the American Rescue Plan Act subsidizes COBRA premiums for “Assistance Eligible Individuals” between April 1…
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