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.
Consolidated Appropriations Act 2020