Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) provides $1.9 trillion of economic relief with many provisions targeted towards the pandemic such as: direct stimulus payments of $1,400, increasing the child and dependent care credit, and extends the employee retention credit through 2021. Below is a brief summary of key provisions.
Tax Day for Individuals Extended to May 17, 2021
Tax Filing Deadlines are Coming Up Fast
Impact of ASC 606 on Common Interest Realty Associations (CIRA)
Accounting & Reporting Update: In June of 2020, the financial accounting standards board (FASB), issued accounting standards update (ASU) 2020-05, halting the implementation of ASU 2014-09, Revenue from Contracts with Customers (ASC 606) and delaying the required implementation to January 1, 2020. Entities that had not yet issued their financial statements for the fiscal year ending December 31, 2019 were eligible to push back implementation.
Accounting for PPP Loans Under U.S. GAAP
Summary of Tax Provisions in the 2021 Consolidated Appropriations Act
The Consolidated Appropriations Act (“the Act”), is the longest piece of legislation ever passed by Congress. The Act was signed into law on December 27, 2020 and includes a $900 billion stimulus package. It also provides additional guidance for certain provisions originally introduced under the CARES Act earlier in 2020.
Deadline for Issuing Form 1099 is January 31st
Voted Best Financial Services in Aspen
Reese Henry & Co. was voted Best Financial Services in The Aspen Times’ Best of 2020. Nominated and voted on by our community, the Best of 2020 highlights locals’ favorite businesses, people, services, restaurants, trails, places and more in Aspen, Snowmass Village and Basalt. This captures the spirit of The Aspen Idea and what makes our community so special. It truly is an honor to be among the best in the Roaring Fork Valley community.