Like everything else, in the world of income tax, the year 2020 did not go as predicted. This time last year, we were still discussing the impact of the Tax Cuts and Jobs Act of 2017. There was a hint of some tax legislation on the horizon, but nothing spectacular. I spent most of last year reviewing the nuances of the Tax Cuts and Jobs Act (TCJA): the pass through deduction, the repeal of the alimony deduction, the home equity interest deduction, bonus depreciation, and the increase in the combined estate and gift tax exclusion.
I chugged along as usual in the first two months of 2020. And, then…well, you know the rest. The only certainties in life are death and taxes. And, 2020 has been no exception. Since last November, three HUGE pieces of tax legislation were passed. And, we are still absorbing tax legislation from 2017. I will attempt to provide an overview of all three, but of course the devil is in the details.
This course will cover the following topics:
Review of the Tax Cuts and Jobs Act
Required Minimum Distribution changes under the Secure Act
Tax Legislation under the CARES Act
Taxation of PPP Loan Forgiveness
Employee retention tax credit
Retirement plan distribution relief provisions
New qualified improvement property provision
Tax Legislation under the Families First Coronavirus Relief Act
Paid sick leave credit
Review of the Biden Tax Plan
Presenter: Chris Wright
A native of Washington, D.C., Chris Wright brings over eighteen years experience in corporate finance and accounting to the practice of law. He received his J.D., magna cum laude, in 2011 from Catholic University of America, Columbus School of Law.
Chris worked full-time as a Certified Public Accountant while attending law school at night. During law school, he worked on Catholic University Law Review, and his Comment: Taxation of Personal Injury Awards: Addressing the Mind/Body Dualism that Plagues Section 104(a)(2) of the Tax Code, was published in the fall of 2010.
Chris lives in Alexandria with his wife and two children.
Areas of Practice Chris’s main areas of practice are estate planning and tax law, business law, and elder law. He also advises nonprofits.
