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  • Further Consolidated Appropriations Act, 2020


  • Further Consolidated Appropriations Act, 2020

    The President signed into law the Further Consolidated Appropriations Act, 2020. This Act not only prevented a government shutdown, but also passed many tax provisions.

    Extenders
    The Act passed the following:

    Retroactive reinstatement for the mortgage insurance premium (PMI) deduction and is extended through 2020.
    Retroactive reinstatement for the exclusion of qualified mortgage debt and is extended through 2020.
    Retroactive reinstatement for the above-the-line qualified tuition and related expenses deduction and is extended through 2020.
    Retroactive reinstatement for the construction of energy efficient homes and is extended through 2020.
    The medical expenses deduction returns to 7.5% for 2019 and 2020.
    The employer credit for paid family and medical leave and the work opportunity credit has been reinstated for 2020.
    Changes to retirement plans
    The Act also included the SECURE Act. Starting in 2020, the age for required minimum distributions will be 72. The Act also removes the age limit for contributions to traditional IRAs.

    This legislation does not affect the rules for 2019. If you’re at least 70½ in 2019, you must take a required minimum distribution. And you’re not allowed to make contributions to your traditional IRA for 2019 after age 70½.

    Other tax laws
    This is only some of what is included in the 700-page bill.

    We’re hard at work reviewing the details and putting together a full summary for our clients!

    Susan A Smith, EA

    SAS Tax & Accounting, LLC


    Susan A Smith, EA | 12/31/2019





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