EIC: New Law Makes Major Changes

The President signed the American Rescue Plan Act (ARPA), also known as the COVID-19 Stimulus Package, into law on Thursday, March 11th. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. Here are some of the key ARPA provisions that will affect federal income taxes …