Lynn Nichols Federal Tax Update (COVID-Related Tax Relief Act of 2020): What’s in The Bill?
Welcome to the Federal Tax Update Podcast, hosted by Lynn Nichols. The COVID-Related Tax Relief Act of 2020 is here, and the checks are in the mail. Join Lynn Nichols for a discussion about what we know is in the bill:
Additional 2020 Rebate for Individuals
Extension of Deferred Payroll Taxes
Guidance Clarifying Educator Expense Deductions
Clarification of Tax Treatment of PPP Loans and Expenses Paid with Loan Proceeds
Emergency Financial Aid Grants
Tax Treatment of Various Loan Forgiveness
Authority to Waive 1099 Reporting of Loan Forgiveness Amounts
This is presented as a member benefit by the South Carolina Association of CPAs. It is produced to provide current information about developments in U.S. tax law, such as cases, ruling, IRS pronouncements and expert comments on hot topics.
The commentary is brief, and you should not take a position on the items discussed until you thoroughly examine it with authoritative sources.
A federal tax specialist for 50 years, Lynn Nichols provides tax consulting services to CPA firms on complex federal income tax issues, professional standards in tax practice and effective tax practice management. Check out his Tax Updates video playlist.