2 results for tag: Cares Act

New Stimulus Law Grants Eight Tax Breaks for 1040 Filers

The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer.

Update: COVID-19 Tax Relief Measures after the New Law

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others that expired on December 31, 2020. With all the changes that took place in 2020, we recommend that you should be informed of the following insights. Borrow $100,000 from Your IRA and Pay It Back Within Three Years with No Tax Consequences Thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), IRA owners who were adversely affected by the COVID-19 pandemic were eligible to take tax-favored coronavirus-related distributions ...