Due to the coronavirus pandemic, a number of new IRS rules have been made. What will follow is part 1 of a 3 part discussion of changes to IRS code from the Cares Act. The work was done by Charles Rotblut CFA of the American Association of Individual Investors (AAII).
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CARES Economic Impact Payments
The CARES economic impact payments for individuals are the checks from the federal government. They can be up to $1,200 for an individual. For a married couple they can be $2,400. If you have dependent children under the age of 17 can receive up to another $500 per child. NOTE: these payments are phased out … Read more
Coronavirus Related Federal Tax Relief
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) delivers some good news. There are things in it for individuals and businesses, including tax relief. The tax relief offered by the CARES Act is over and above the tax relief offered by the earlier Families First Coronavirus Response Act (FFCRA).