The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020 and is intended to shore up the country on multiple fronts. This Act includes several components applicable to individuals which are detailed below.
The CARES Act provides for near immediate relief to individuals in the form of direct cash payments as follows:
Retirement Account/Fund Provisions
The CARES Act provides for special rules regarding Retirement Funds:
Charitable Deductions Provisions
The CARES Act provides for special rules regarding charitable deductions. Charitable deductions of $300 are allowed as an “above the line” benefit for non-itemized deduction taxpayers.
Charitable deductions for 2020
Federal Student Loan Borrowers Relief
Taxpayers can suspend all payments under this federal loan program for three months and interest on federal loans shall not accrue during the suspension period.
If you have questions, please contact a member of your DGC client service team or Matthew Mulroney, CPA, MST at 781-937-5372 / firstname.lastname@example.org for more information. You can also visit our coronavirus web page at dgccpa.com/coronavirus which is frequently updated with new articles and checklists to help you deal with the impact of the coronavirus on you and your business.
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