Happy New Year
Welcome to the 2020 Tax Filing Season!
Coronavirus Tax Relief
IRS taking steps to help taxpayers
Includes many new tax changes.
Late Sunday night, the president signed the Consolidated Appropriations Act of 2021, which includes additional COVID relief. The president included a statement that encourages Congress to increase the economic impact payments from $600 to $2,000. On Monday, the House passed a bill with bipartisan support that made this change; however, on Tuesday, Senate Majority Leader Mitch McConnell blocked the bill. While the measure could still be scheduled for a vote, it’s unlikely to happen before the new Congress is sworn in. The IRS will begin issuing payments today (see next article for more details). For a summary of the legislation, please click here.
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