More notes from the Stimulus bill

More notes from the Stimulus bill

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.

By |2021-03-18T19:05:20-04:00March 27th, 2020|FAQs, News, Small Business|Comments Off on More notes from the Stimulus bill

About the Author: