Top 5 Tax Provisions of the CARES Act

Audio Blog: With the ink barely dry on the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, there have already been several hot topics surrounding the benefits it provides. Below are the top 5 tax provisions that we believe will be most impactful to our clients. You are welcome to listen to these key points in podcast format and then scroll down to read more details for each topic.

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Details Regarding the CARES Act Business Loans

In reaction to the ongoing pandemic, Congress is continuing to pass legislation with the anticipation of rebounding our struggling economy. Late last week, Phase 3 of this effort was passed by Congress and signed by President Trump.

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Understanding the Revisions to the Employee Retention Credit in 2021

On December 27, 2020, President Trump signed a number of bills, including one that breathes new life into the Employee Retention Credit (ERC). While the headline was that employers receiving Payroll Protection Program (PPP) loans could now also claim the ERC, did you know the credit was significantly enhanced? Especially in 2021, we see the expanded credit as an incredible opportunity for employers.

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How to Claim Your Missing Stimulus Check on Your 2020 Tax Return

One of the more tax-troubling issues this year has been the distribution of the Economic Impact Payments, also known as stimulus checks. These payments were meant to provide financial assistance to individuals and families struggling during the initial outbreak of the COVID-19 pandemic, but many people are reporting a missing stimulus check.

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How Much Do Charitable Donations Reduce Taxes in 2020?

This time of year may have you wondering, how much do charitable donations reduce taxes? And what opportunities are there this year due to tax law changes? The good news is, due to the pandemic, tax rules have been adjusted to enhance the tax benefits of charitable giving.

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2020 Mid-Year Nonprofit Updates

With many nonprofits beginning a new fiscal year on July 1, it’s a great time to stay up to date with the ever-changing nonprofit landscape. This year in particular has presented many challenges amidst the COVID-19 pandemic, including the administrative extension and delays for government agencies. Although deadlines in 2020 continue to be moving targets, we’d like to provide you with the most current provisions and timelines to keep you updated and allow you to be proactive in your tax preparations.

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The IRS Provides Additional 2020 RMD Rollover Relief

Normally, RMDs are not allowed to be rolled over, but because the CARES Act waives the requirement to take a 2020 distribution, these distributions are not treated as RMDs for 2020, rather are considered distributions that are eligible to be rolled over.

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