On March 11, the $1.9 trillion ARP Act (American Rescue Plan Act) of 2021 was signed into law to help facilitate the United States’ recovery from the economic and health impacts of the COVID-19 pandemic. The ARP Act extends some aspects of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) of 2020, and other 2020 legislation, but also provides new recovery strategies for combating the economic impact of the pandemic.
In addition to a new round of direct payments (with more restrictive phaseouts applying this time), there are several other key provisions that provide planning opportunities in 2021 and beyond:
In addition to the above planning items, the IRS provided an extension for filing 2020 taxes to May 17, 2021, allowing additional time for taxpayers to gather tax forms (K-1s) as well as to determine and fund individual retirement plan contributions (e.g., IRAs, Roth IRAs, SEP IRAs).
Please contact your Litman Gregory Advisor for more information and to review your situation.
Charitable Gifting Strategies for Giving Tuesday
Giving Tuesday shines a light on philanthropic efforts and serves as a reminder to give to the causes and organizations that mean the most to you. We aim to help our clients define their charitable goals and build a plan that maximizes the impact of their giving, while optimizing their tax situation. In this post, we highlight strategies to help guide your giving this holiday season and throughout the coming year.
Insight Newsletter—Fall 2023
Our Insight Newsletter is now available. Included in this edition: Investment Commentary Reaction to the Conflict in Israel and the Middle East Cybersecurity
It’s Beginning To Look A Lot Like Yearend Tax Planning Season
With just a few months left in the 2023 tax year, we wanted to highlight some timeless tax planning techniques. In this post we share some of the strategies that Litman Gregory Wealth Management considers as we help our clients optimize the tax-efficiency of their overall planning as well as our portfolio management on their behalf throughout the tax year.