2021 Tax Year in Review
After another rollercoaster of a year, now is a good time to consider the tax changes affecting 2021. The most significant changes for individuals came from American Rescue Plan Act enacted in March 2021 and the Consolidated Appropriations Act that was passed in December 2020.
Expanded Eligibility for the Employee Retention Credit
Under the Act, employers can receive a maximum credit of $14,000 per employee for the first two quarters of 2021.