In Legal Terms

In Legal Terms: Midyear Pandemic Taxes


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Calls:

  • home sales
  • PERS taxable? http://moneytalks.mpbonline.org/episodes/money-talks-pers
  • rolling over an IRA to a Roth IRA
  • early withdraw from IRA due to COVID-19
  • military taxes https://www.irs.gov/individuals/military
  • filing taxes when you don't owe


https://www.cbh.com/guide/alerts/cares-act-what-you-need-to-know/

CARES Act: Highlights of the Tax Provisions


Provisions Applicable To Individuals

Early withdrawals from retirement plans and participant loans

Waiver of required minimum distributions

Recovery Rebates

Charitable Contribution Changes

Modification of limitation on losses for individuals



Provisions Applicable To Businesses

Employee Retention Credit

Deferral of Employer payroll taxes

Changes to Mandated Paid Leave

Employer Payment of Employee Student Loans

Changes to NOLS

Changes to AMT Credit refunds

Changes to limitations on deductibility of business interest expense

Changes to depreciation for qualified improvement property

Tax Aspects of Government Provided Relief Loans



Provisions Applicable To Individuals

Additional Retirement Plan Distributions Available

Recovery Rebates for Individuals

Allowance for partial above-the-line deduction for charitable contributions

Modification of limitations on charitable contributions during 2020

Modification of limitation on losses for taxpayers other than corporations



Provisions Applicable To Businesses

Employee Retention Credit

Deferral of Employer payroll taxes

Changes to Mandated Paid Leave

Employer Payment of Employee Student Loans

Changes to NOLS

Changes to AMT Credit refunds

Changes to limitations on deductibility of business interest expense

Changes to depreciation for qualified improvement property

Tax Aspects of Government Provided Relief Loans



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In Legal TermsBy MPB Think Radio

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