Since March 2020, there have been several major tax law changes passed that may impact your 2020 tax return and other tax years depending on your tax situation.
To provide relief to taxpayers for the COVID-19 pandemic, Congress passed the following: the Coronavirus Preparedness and Response Supplemental Appropriates Act, the Families First Coronavirus Response (FFCRA) Act, the Coronavirus Aid Relief and Economic Security (CARES) Act, the Payroll Protection Program and Health Care Enhancement Act, the Paycheck Protection Program Flexibility Act of 2020, the Consolidated Appropriations Act (CAA) of 2021, and American Rescue Plan Act (ARPA) of 2021.
Individual, big and small business tax returns have all been impacted in one way or another from these tax law changes and stimulus due to the COVID-19 pandemic. Some of these changes may have been passed after the applicable tax returns have already been filed and may require an amended tax return.
If you believe any of the above affected you, please reach out to Kyle Krenske at Mahoney CPAs and Advisors to review your prior years’ filed tax returns to look for tax-saving opportunities.