Here is a quick rundown of the top 3 individual and business tax provisions in the COVID-Related Tax Relief Act of 2020 (part of the Consolidated Appropriations Act, 2021). Individual Provisions Economic Impact Payments – You may have already received a pending notification regarding your “second stimulus.” Please note, currently the law only allows $600 per taxpayer, spouse, and…
Tag: COVID-19
Something Good
We have made it through the bulk of 2020 and as we begin to reflect on our year and look to the future, I want to share something good that came out of the CARES Act in March. For the first time since the 1980’s, you can take a $300 deduction for charitable contributions even if you do not itemize…
Executive What?
Now that Congress is out of session for their summer vacation, the President left some notes for his Cabinet before he, too, left the White House. Leaving all politics aside, let’s dive in to the notes that were passed after class. Click on the title to read each item directly on the White House website: Executive Order on Fighting the…
Is The Third Time The Charm?
Things in Congress have been relatively quiet of late, thank goodness. After the flurry of activity in March and April, May was a nice reprieve. However, May also brought with it an entire new set of questions to be answered. We received the Payroll Protection Program Loan Forgiveness Application from the Small Business Association and the Final Interim Rules from…
A Brand New Reality, Part 1
Here we are, day 91 of 2020, in a reality that seems stranger than fiction; not only are we being asked to stay away from people, “Tiger King” is trending on Netflix, and our kids’ dream of school being closed has come true. In this bizarre new reality, the constant uncertainty and rapidly evolving economic changes are a source of…
A Brand New Reality, Part 2
Here we are, day 91 of 2020, in a reality that seems stranger than fiction; not only are we being asked to stay away from people, “Tiger King” is trending on Netflix, and our kids’ dream of school being closed has come true. In this bizarre new reality, the constant uncertainty and rapidly evolving economic changes are a source of…
A Brand New Reality, Part 3
Here we are, day 91 of 2020, in a reality that seems stranger than fiction; not only are we being asked to stay away from people, “Tiger King” is trending on Netflix, and our kids’ dream of school being closed has come true. In this bizarre new reality, the constant uncertainty and rapidly evolving economic changes are a source of…