The three coronavirus-related employment tax credits are to be available for six additional months under the American Rescue Plan Act of 2021 (ARPA), which Congress passed March 10.
The ARPA, which was signed March 11 by President Joe Biden, made other changes pertaining to how the three credits are calculated, with some of these changes likely affecting the reporting of refundable and nonrefundable amounts of the credits using Form 941, Employer’s Quarterly Federal Tax Return.
The act’s updates for 2021 to the amount and availability of the child tax credit likely will necessitate changes to Form W-4, Employee’s Withholding Certificate. ...
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