Unpacking The American Rescue Plan Act of 2021:
The latest stimulus package from the federal government contains numerous provisions, including stimulus checks to individuals and families, child tax and dependent care credit increases, unemployment extensions, and federal loan forgiveness income tax relief. Click on the video below to hear Steve and Austin as they cover everything you need to know about the third coronavirus-related stimulus package.
Tax Day Extended Until May 17th:
On Wednesday, the Treasury Department and IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be extended to May 17, 2021. This extension applies to those who pay self-employment tax as well. Individuals will also have an extra month to make IRA and HSA contributions. "This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig.
Federal Reserve Keeps Rates Near Zero:
During their meeting on Wednesday, the Federal Reserve stated that it expects to keep its benchmark interest rate near zero through 2023, according to the Associated Press. The Fed also upgraded its forecasts for growth, as it expects the economy to expand 6.5% in 2021, up from its previous projection of 4.2% in December, and foresees unemployment falling from its current 6.2% to 4.5% by the end of 2021. Federal Reserve Chair, Jerome Powell, stressed that the bank wants to see improvement in the job market and economy before they consider raising rates.
NFL Announces New TV Deal:
On Thursday, the NFL announced its latest set of national television deals, including partnerships with ESPN/ABC, Fox, CBS, NBC, Amazon, and NFL Network through 2033. The agreement will keep most time slots consistent, with Amazon becoming the exclusive provider for Thursday night games. According to CNBC, Amazon will pay about $1 billion per year for their broadcasting rights, while CBS, Fox and Comcast will all pay more than $2 billion per year for their packages. Disney's price is a little steeper at around $2.7 billion annually.
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