American Rescue Plan Act of 2021

American Rescue Plan Act of 2021 is expected to be signed into law within the next few days.

This piece of legislation changes some components of 2020 tax law and 2021 tax law. Susan’s rough off the cuff estimate is that the changes will impact as much as one out of every two households in our community.

Changing tax law this late in the season will likely create a sense of chaos. You will be ok. We all will be ok. We will get through this together. We will get through this calmly one step at a time.

Please anticipate some processing delays as each individual state with an income tax decides if they will follow the chances to 2020 taxable income or not. Also professional tax preparation software companies will need some time to adapt their programs to reflect both Federal and state tax law changes.

Gallagher Financial Services anticipates there will be even more changes in the upcoming 7-10 days. Everyone and everything is going to be fine.