- How Biden's Proposed American Families Plan Might Affect You
- President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed legislation that will have to pass in both the House of Representatives and the Senate before becoming law. With a price tag of more than $1.8 trillion, many on both sides of the political aisle think the plan is too expensive. As with virtually all legislation, the provisions will be debated, altered and deleted during Congressional negotiations. The final bill, if passed, may be quite different than the original proposed version.
- Consequences of Filing Married Separately
- Couples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. Generally, filing MFJ will produce the better tax result. However, other factors – usually personal or financial rather than tax-related – can come into play that cause taxpayers to choose to file MFS returns.
- Paid Sick Leave vs. Vacation vs. PTO: What You Need to Know
- More and more jurisdictions are passing laws requiring employers to provide paid leave to employees, and the COVID-19 pandemic has only accelerated this trend. To help you understand the potential impact on your existing policies, here are answers to some frequently asked questions on paid sick leave, vacation, and paid time off.
- Video tip: You May Qualify for Free COBRA Health Insurance
- The recently passed American Rescue Plan provides a 100% subsidy for COBRA premiums of eligible individuals. Watch this video for details.
- Tax-Free Grants for Restaurants
- The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
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