How will the COVID-19 Relief Package Impact 2020 Tax Returns?

Tax Policy Experts Provide Overview of Key Areas of Concern for 2021 Tax Season

It comes as no surprise that 2020 was a busy year for tax legislation, mainly driven by the ongoing COVID-19 crisis. Some provisions are going into effect immediately, and Tax Professionals will be tasked with answering tough questions from their taxpayer clients looking to understand the implications and benefits of the tax policies impacting their 2020 tax returns.

To help you stay informed, we partnered with tax policy experts from the Brownstein Hyatt Farber Schreck Law Firm to provide short video overviews on the major areas of concern leading up to the 2021 Tax Season:

  1. Overview of the COVID-19 Relief Package
    • Stimulus Package
    • Business-Related COVID-19 Relief Provisions
    • Unemployment Assistance and Employee Benefits
    • Individual COVID-19 Relief Provisions
  2. Employee Retention Tax Credit
    • 2020 ERTC vs. 2021 ERTC
    • Eligibility
    • Qualified Wages
    • Qualified Health Plan Expenses
  3. CARES Act Tax Benefits for Individuals
    • Stimulus Checks
    • Refundable Credits Lookback Rule
    • Other Provisions Impacting 2020 Tax Returns
    • Tax Extenders
  4. PPP Loans
    • Covered Costs and Forgiveness
    • Deductibility of Business Expenses
    • Interaction with the Employee Retention Tax Credit
    • Economic Injury Disaster Loan
  5. Employee Benefits Provisions
    • Unemployment Benefits
    • Families First Coronavirus Response Act
    • Other provisions in the Omnibus

You can watch all five videos and download the content prepared by the Brownstein Hyatt Farber Schreck Law Firm here.

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AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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