How will the latest COVID-19
legislation affect your taxes?
On Dec. 21, Congress passed the Consolidated Appropriations Act of 2021, 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 addresses retirement plans, charitable giving, payroll taxes, business losses and more.
Families First act creates tax credit
for COVID-19-related paid leave
Under the Families First act, employers must provide covered employers paid leave in certain situations. A corresponding tax credit is available to help employers fund the additional cost.
"Extenders" and the SECURE Act change tax and retirement planning
The Further Consolidated Appropriations Act, 2020,
extends certain tax provisions and introduces the
Setting Every Community Up for Retirement
Enhancement (SECURE) Act.