This document provides a brief summary of key tax provisions contained in the American Rescue Plan Act, H.R. 1319, that was signed into law on March 11, 2021. This resource also serves as a supplement to engagement letters, organizers, checklists and practice guides contained in the AICPA Tax Section’s 2020 Annual Tax Compliance Kit. Further research and analysis are recommended based on each client’s facts and circumstances.
Recovery rebates/economic impact payments
The act creates a new Sec. 6428B that provides