New Tax Legislation

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