How will the latest COVID-19
legislation affect your taxes?
On Dec. 21, Congress passed the Consolidated Appropriations Act, which includes numerous COVID-19 relief provisions for businesses and individuals, as well as extensions and expansions of some other tax breaks.
CARES Act includes tax relief for
individuals and businesses
This massive COVID-19 relief/stimulus legislation signed into law in March of 2020 addresses retirement plans, charitable giving, payroll taxes, business losses and more.
The CAA revises education tax credits and deductions
In addition to providing COVID-19 relief, the Consolidated Appropriations Act made changes to certain higher education tax benefits.
What's changed under the newly revised employee retention credit?
The employee retention tax credit is further enhanced by the Consolidated Appropriations Act.