Securing Retirement Act
A $10,200 per individual unemployment insurance exclusion for the 2020 taxable year, only for households with modified AGI of $150,000 or less
An increased employer-provided dependent care assistance exclusion
For 2021, the limit on tax-free employer-provided dependent care assistance is increased from $5,000 to $10,500
Student loans are being set up to be forgiven, with legislation that passed that gives a window between 12/30/2020 to 01/01/2026 where any student loan debt forgiven is tax free
This changes the existing law which would have anything forgiven roll to that person as other income
Changes to the Earned Income Tax Credit and Premium Tax Credit
Six months of free COBRA (Healthcare after termination) payments
This was 85% through September 2021 now it is six months free
Extension and expansion of the Employee Retention Tax Credit
This was created through the CARES Act and assists with Payroll costs for businesses
Now available through December 2021
Restaurant revitalization grants to cover restaurant business losses
$25 billion set aside to support small to mid sized restaurants
