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2020 Tax Update for Individuals

FEB. 01, 2021

How will the CARES Act, PPP program, and the latest cases and administrative guidance affect your tax return? This article includes the latest developments related to individuals for 2020.

    Topics covered:
    CARES Act impact — Including changes to net operating losses, charitable contributions, and IRA distributions
    Reporting debt forgiveness under the PPP program. Is it taxable? Are the expenses related to forgiveness deductible? What does the IRS have to say on this topic?
    Have the IRS audit rates increased or decreased?
    New IRS forms — Including Form 1099-MISC and draft Form 1040 — what's new
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