Last week, congress passed new tax legislation. Among the important provisions, some of the taxpayers effected by this legislation include:

• those who itemize for medical and dental expenses, or mortgage insurance premiums;
• have tuition & fees deductions;
• investors in empowerment zones;
• solar, business and non-business energy efficient property purchasers;
• employers providing Family and Medical Leave;
• retirees not taking IRA required minimum distributions until 72, or who want to continue contributing after age 70 ½ , or those inheriting IRA’s;
• employers who weren’t offering 401k’s and now should, their employees withdrawing from them, and the employers starting new plans;
• residents of federally declared disaster areas;
• medical device sellers;
• dependents with kiddie tax liability;
• not-for-profits who offer employee parking,

(and many others. . .) You can find more information in the Tax Briefing below, keep in mind, many of these are retroactive. [pdf-embedder url=”https://islercpa.com/content/uploads/2019/12/Consolidated_Appropriations_Act_2020-1.pdf” title=”Consolidated Appropriations Act 2020″]