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Coronavirus (COVID-19) and Taxes: March-July 2020

December 13, 2020

CDC coronovirus CDC graphic

2020 is the year of COVID-19. The deadly coronavirus pandemic has totally upended our lives, real and tax.

Obviously, our actual lives and those of our families, friends, neighbors and larger circles in which we usually travel are the most important.

But part of keeping those sectors safe and ongoing is trying to hold on to some sort of normalcy. That’s why here at the ol’ blog, tax posts remain on my list, if no longer at the top of my list.

And, of course, that means keeping up with — or trying to — with how COVID-19 has affected our tax lives.

Thus was born this special Coronavirus and Taxes blog page. Here you’ll find coronavirus links from official government websites, professional associations, law and accounting firms, and tax policy think tanks, as well as, of course, the ol’ blog.

Naturally, I’m kicking it off with COVID-19 posts from Don’t Mess With Taxes because, well, it’s my blog!

The following posts are ones that are predominantly focused on new laws, Treasury and/or IRS rulings, and proposed legislation that might affect our taxes if it makes it though Congress and/or state legislatures. This list will be updated as I post new coronavirus tax items, with the most recent post at the top of the list. Let’s get to it!

 

UPDATE: This post’s opening sentence about 2020 being the year of COVID-19 unfortunately has held true. So has the last one in the preceding paragraph about posting new coronavirus tax items. The dang virus is tenacious, meaning related tax changes keep coming and coming and coming. The amount on this original page got way too long, so I added the March-July 2020 date indicator to this original page’s headline and created a second one that ultimately was appended August-December 2020. Then January 2021 arrived and COVID came along, too. So I started a third coronavirus tax page for January-December 2021 posts. And then came 2022 and yes, we’re still dealing with a pandemic morphing into an endemic. So, of course, there’s a fourth COVID and taxes page, January-… 2022. Feel free to bounce among the three pages. And I hope that the 2022 version will be the last!

 

There also are some posts during this time frame that tangentially reference COVID-19’s effects on taxes, but not enough so to make the official coronavirus cut above.

If you’re interested in seeing those, you can browse the new Coronavirus COVID-19 category. The posts above, as well as those on the subsequent “August-December 2020” and “January-… 2021” pages, will show up, too, but just keep scrolling to find others that didn’t make this (or subsequent) coronavirus tax specific list(s).

Now to other off-blog resources.

Coronavirus US Government  alerts banner

First, there are the official government sites. The image above recommends Coronavirus.gov, which basically is a landing page (like this), so below are my suggestions.

Internal Revenue Service (IRS): Coronavirus Tax Relief and Economic Impact Payments

Treasury: How the Treasury Department is Taking Action

Centers for Disease Control and Prevention (CDC): Coronavirus (COVID-19) 

Social Security Administration (SSA): Social Security & Coronavirus Disease (COVID-19)

Federal Trade Commission (FTC): Coronavirus – What the FTC is Doing

Health and Human Services (HHS): COVID-19 Portal 

Consumer Financial Protection Bureau (CFPB): A guide to COVID-19 economic stimulus relief

Department of Education (Ed): COVID-19 (“Coronavirus”) Information and Resources for Schools and School Personnel

Food and Drug Administration (FDA): Coronavirus Disease 2019 (COVID-19) Frequently Asked Questions 

Federal Emergency Management Agency (FEMA): Coronavirus (COVID-19) Response (note the rumor control section)

U.S. Postal Inspection Service (USPIS): Coronavirus/COVID-19 Related Scams 

USA.gov: Government Response to Coronavirus, COVID-19 

And, of course, there are other sites following the pandemic’s tax effects.

Many of my fellow tax bloggers are doing great jobs tracking the intricacies of COVID-19 tax changes. So are the members of the great #TaxTwitter community.

Coronavirus COVID-19

But in order to keep this page from following the excessive pieces of coronavirus legislation when it comes to length, I’ve focused below on web pages posted by professional firms, associations and other taxcentric entities that are providing valuable coronavirus-related tax information and advice.

National Association of Tax Professionals (NATP): ​​​​​​​​​​COVID-19 Tax News & FAQ 

American Institute of CPAs (AICPA): Coronavirus (COVID-19) tax resources (n.b., the state tax roundup)

Thomson Reuters: COVID-19 resource center

Wolters Kluwer: Coronavirus (COVID-19) Resources for Tax & Accounting Professionals

KPMG: Coronavirus (COVID-19) tax developments

Deloitte: COVID-19 tax policy updates 

EY US: Responding to COVID-19

Grant Thornton: COVID-19 Resource Center 

RubinBrown: Coronavirus Preparedness Resource Center 

EideBailly: The New Coronavirus (COVID-19) Organiational & Individual Impacts

Institute on Taxation and Economic Policy (ITEP): COVID-19 Tax Policy Resources

The Tax Foundation: Tax Policy And The Coronavirus (note the state-by-state legislative and global country-by-country fiscal measures trackers)

Avalara: COVID-19 Tax Relief Roundup

Employee Benefit News (EBN): Coronavirus Impact

But wait, there are more: Naturally, things will change as the virus itself and our tax reactions to it evolve, so I’m asking for your help.

I know I’ve missed some good sites. Please let me know. I’ll probably see your suggestions sooner if you let me know via Twitter where, in case you don’t know, I’m @taxtweet. You also can drop me an email note.

I’ll update this page as regularly as I can. You’d think that I’d have more time by essentially being on house arrest during Austin’s coronavirus stay-home order, but it seems that the hours in the days also are affected by these bizarre circumstances (and my discovery of new things to stream).

Thanks for your assistance and patience. And, of course, be safe!

Taxes are important, but they are just taxes. The well-being of everyone and your families is everything, the only thing.

Original  page created April 4, 2020

 

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It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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