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This version of checks is much clearer about eligibility for deceased people. If you were alive as of 1/1/2020, you are eligible. If not, nope.
And as I read it, IRS has to make the payments by 1/15/2021. After that, it shows up on the 2020 tax return.
Shout if you're reading page 1970 differently.
Shout if you're reading page 1970 differently.
And here's the PPP tax deductibility language, which indeed lacks any qualifiers or guardrails.
I'm sure there's a story behind this one, but seems kinda obvious, no?
Per appropriations summary, IRS budget goes up 3.3% to $11.9B, not including special appropriations to make the stimulus payments, etc.
This is not nearly as big a boost as IRS advocates and the incoming administration will want, but it's something.
This is not nearly as big a boost as IRS advocates and the incoming administration will want, but it's something.
As I read the non-itemizer charitable provision, it is $300 for individuals and $600 for married couples in 2021 but I don't see where it changes the 2020 figure from $300 per return to $300/$600.
Some detail on FSAs. Bill would let plans allow amounts from 2020 to carryover to '21 and from '21 to '22. And would allow 12-month grace period for expenses for both years.
And some special rules to help people with dependent care FSAs who have children turning 13 -- the date after which expenses normally wouldn't be allowed.
