4 results for tag: Coronavirus Aid

You Took Coronavirus-Related IRA Money Last Year: What Now?

Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo If you’re a traditional IRA owner who was adversely affected by the COVID-19 pandemic last year (2020), you may have been eligible to take a tax-favored coronavirus-related distribution from a traditional IRA. If so, that privilege was thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In this analysis, we will call these tax-favored traditional IRA distributions “CVDs.” Elsewhere, you may see them called “CRDs.” Whatever they may be called, this analysis explains how to get the ...

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 ...

Good News: There are New Paycheck Protection Program (PPP) Forgiveness Rules for Past, Current, and New PPP Money

The new Paycheck Protection Program (PPP) law enacted with the recent stimulus package adds dollars to your pockets if you have or had PPP money. If you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money.