While the payments to individual taxpayers are getting a lot of attention, there are many more provisions to the stimulus bill passed today. It is going to take a long time to get this sorted out, it is an extremely wide ranging piece of legislation.
Here a little bit from one of my professional organizations:
Additional relief provided in the Act includes:
- Special rules for use of retirement funds (waives the 10% early withdrawal penalty for distributions up to $100,000)
- Temporary waiver of required minimum distribution rules
- Allowance of partial above-the-line deduction for up to $300 of charitable contributions in 2020
- Modification of limitations on charitable contributions during 2020
- Employee retention credit for employers subject to closure due to COVID-19
- Delay of payment of employer payroll taxes
- Modifications for net operating losses
- Modification of limitation on losses for taxpayers other than corporations
- Modification of credit for prior year minimum tax liability of corporations
The Senate Committee on Finance released a section-by-section summary for each of these provisions. |
I am trying to keep up. The bulk of tax season is starting to wind down, and then we will be working on this.
