COVID Related Tax Relief Act of 2020
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.
Events & Deadlines
Latest Past Events
Community Service Day
Cordell Neher & Company, PLLC 175 E Penny Rd #1, Wenatchee2024 Shred Event
Cordell Neher & Company, PLLC 175 E Penny Rd #1, WenatcheeCNC Newsletter
Footer Contact
Check the background of your financial professional on FINRA's BrokerCheck®
Privacy & Usage: The information on the Cordell, Neher & Company, PLLC website is provided with the understanding that it should not be substituted, in any way, for consultation with a professional Certified Public Accountant, accountant, tax, legal or other competent advisor. Cordell, Neher & Company, PLLC makes every attempt to ensure that the information contained on their websites are obtained from reliable sources, but is not responsible for any errors and/or omissions or from the results obtained from the use of any information. This site contains links to servers maintained by other organizations. Cordell, Neher & Company, PLLC cannot provide any warranty regarding the accuracy or source of information found on any of these servers, the content of any file the user might use to download from a third-party site, and is not responsibility for the content found on any of these servers or for any links these servers maintain with other servers.
Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC, Investment Advisory services offered through Avantax Advisory ServicesSM,Insurance services offered through an Avantax affiliated insurance agency. 3200 Olympus Blvd., Suite 100 Dallas, TX 75019 972-870-6000.
Avantax financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment Services.SM, Member FINRA, SIPC. Investment Advisory Services offered through Avantax Advisory Services SM. Insurance services offered through an Avantax affiliated insurance agency. Method 10® is property of Avantax Wealth Management.SM All rights reserved 2020. The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
The Avantax family of companies exclusively provide financial products and services through its financial representatives. Although Avantax Wealth ManagementSM does not provide or supervise tax or accounting services, Avantax Representatives may offer these services through their independent outside business. Content, links, and some material within this website may have been created by a third party for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth ManagementSM or its subsidiaries. Avantax Wealth ManagementSM is not responsible for and does not control, adopt, or endorse any content contained on any third party website.
This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Investments & Insurance Products: Are not insured by the FDIC or any federal government agency- Are not deposits of or guaranteed by the bank or any bank affiliate- May lose Value
Avantax Investment ServicesSM and Avantax Advisory ServicesSM are not affiliated with CNC Financial Group, LLC.
© 2024 Cordell, Neher & Company PLLC • Designed by Pixel to Press
