On December 27, 2020, the new
Consolidated Appropriations Act (CAA) became law.
How will it affect you?
For the answer, read the full article…
“Update: COVID-19 Tax Relief Measures
After the New Law”
A little history…
As you probably remember, the CARES Act made many temporary changes in the tax law. Some were helpful. Some were not.
But the CARES Act changes were due to expire on December 31, 2020.
So the new Consolidated Appropriations Act (CAA) beat the expiration deadline and was enacted into law on December 27, 2020.
Why the new law,
and what does it mean to you?
(If you want to read the full text of the new law,
take a week or a month and get started. It’s only 5,593 pages long!)
The CAA consolidates the CARES Act changes and puts them into one comprehensive document, ties up the loose ends, and helps avoid taxpayer confusion.
What are the specific changes you need to know now?
Here are just a few…
- The CAA extends and liberalizes the employee retention credit
- The CAA ends payroll tax deferrals
- The CAA extends the ugly excess business-loss disallowance rule
And that’s just for starters.