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COVID-Related Tax Relief Act Summary | Lewitt Hackman


(As of December 22, 2020)
Congress passed the $900 Billion
COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the
Consolidated Appropriations Act of 2021, on December 21, 2020. As of this writing, President Donald J. Trump has not yet signed the Act into law. COVIDTRA extends and modifies several provisions first enacted in the
Coronavirus Aid, Relief, and Economic Security Act, as amended (“CARES Act”), Congress’ $2.2 trillion pandemic relief act that was passed in March 2020.
Below is a summary of certain provisions of COVIDTRA. Note that the portions of the Act concerning renewed funding for the P
aycheck Protection Program (PPP), including the availability of second-time loans to certain businesses, is addressed in our separate blog, ....

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This $300 Tax Deduction Is Available For 2020 Only


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Giving to charity is admirable in its own right, but it doesn’t hurt if you can get a tax break, too. Unfortunately, tax incentives for charitable giving have been much harder for individual taxpayers to take advantage of in recent years. The good news is that things have changed for 2020.
A provision under the CARES Act ― the comprehensive coronavirus stimulus package passed in March ― makes it possible to write off up to $300 in certain charitable contributions without having to itemize your taxes. According to the Internal Revenue Service, nearly 9 in 10 taxpayers currently take the standard deduction and could potentially qualify for this new deduction. ....

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