Year End Tax Act Brings Tax Extenders, Deductions and Credits

Tax Credit, Extenders and Deductions.

Tax Extenders The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted on December 27, 2020, deals with the annual tax extenders. Congress made some of them permanent, while others got short- or long-term extensions. These are the big five Form 1040 tax breaks that were scheduled to expire on December 31, 2020: Exclusion […]

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Top 10 Tax Developments of 2020

Coronavirus Aid, Relief, and Economic Security. Approved Extended Deadline for Filing and Tax Deadlines.

The top tax developments of 2020 generally fell into two categories: (1) legislation, executive action, and IRS guidance providing tax relief for individuals and businesses affected by the ongoing COVID-19 pandemic.; and (2) the IRS’s ongoing effort to finish implementing the changes brought on by the Tax Cuts and Jobs Act of 2017 (TCJA). The […]

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