COVID Related Tax Relief Act of 2020
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Date: Monday, December 28 at 12:00 Noon Pacific
Speaker: Kyle Meissner, CPA
Description: Congress passed another round of COVID-19 relief. Here are a few of the highlights from the bill:
- Individuals will receive a second round of direct payments of $600 per person including qualifying children. These payments will be phased out at the same income levels as the spring payments.
- Federal emergency unemployment compensation has been extended another 11 weeks to March 14, 2021, this extends the additional $300 per week of federal unemployment compensation.
- The child tax credit and earned income credit calculations have been changed to allow individuals with lower income in 2020 due to job loss or unemployment to use their 2019 income to calculate the credits.
- The new for 2020 above-the-line charitable deduction has been extended through 2021 at $600 for joint filers and $300 for other filers. This amount is deductible in addition to the standard deduction.
- The Paycheck Protection Program has been expanded to provide another round of funding to businesses who can show a decrease in revenue for any quarter of 2020 compared to the same quarter in 2019. The employer size has decreased from 500 employees to 300 in order to be eligible to participate in the program.
- The employee retention tax credit has been extended through July 1, 2021, as well as expanded to allow businesses who participated in the PPP to qualify. The maximum credit has increased from $5,000 to $14,000 due to a change in the calculation of the credit from 50% of wages up to $10,000 per year to 70% of wages up to $10,000 per quarter.
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