The American Rescue Plan Act is expected to pass Congress shortly and will be signed into law.
There are two provisions in the legislation that include retroactive (to 2020) tax law changes. It is important for us to prepare for the enactment of these changes with returns already processed as well as impacting tax returns, we will be preparing for the remainder of this tax year. While it is important to begin to take steps immediately, no tax returns should be adjusted until the American Rescue Plan is signed into law.
In addition, we must be vigilant to the IRS and Arizona interpretations of these new retroactive
provisions as well as following TaxSlayer enhancements that will impact adjustments.
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