For tax year 2021, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile.
For the latest guidance and information about COVID-19 tax relief, go to IRS.gov/Coronavirus.For more information, see chapter 2. Based on the extensions of the credit for qualified sick and family leave wages and the employee retention credit, and the new credit for COBRA premium assistance payments, discussed above, Form 7200, Advance Payment of Employer Credits Due to COVID-19, may be filed to request an advance payment. For more information, see chapter 2.Īdvance payment of COVID-19 credits extended.
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Section 9501 of the ARP provides for COBRA premium assistance in the form of a full reduction in the premium otherwise payable by certain individuals and their families who elect COBRA continuation coverage due to a loss of coverage as the result of a reduction in hours or an involuntary termination of employment (assistance eligible individuals). New credit for COBRA premium assistance payments.
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The ARP adds new section 3134 to the Internal Revenue Code to provide an employee retention credit similar to the credit that was previously enacted under the CARES Act and amended and extended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was amended by recent legislation. The American Rescue Plan Act of 2021 (the ARP) adds new sections 3131, 3132, and 3133 to the Internal Revenue Code to provide credits for qualified sick and family leave wages similar to the credits that were previously enacted under the FFCRA and amended and extended by the COVID-related Tax Relief Act of 2020. The FFCRA requirement that employers provide paid sick and family leave for reasons related to COVID‐19 (the employer mandate) was extended per the COVID-related Tax Relief Act of 2020. The Families First Coronavirus Response Act (FFCRA) was amended by recent legislation.
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