A draft 2021 Publication 505, Tax Withholding and Estimated Tax, was released April 8 by the Internal Revenue Service.
The 48-page publication was revised to add guidance on the American Rescue Plan Act (ARPA), which was signed into law March 11 by President Joe Biden. ARPA extended the two credits for qualified leave wages to payments for leave that occurs by Sept. 30, 2021, and extended the employee retention credit to Dec. 31, 2021. ARPA also updated aspects of the child tax credit and increased amounts of dependent-care assistance provided by an employer that may be excluded from income. ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.