In response to the developing Coronavirus global pandemic, Congress has officially passed (and President Trump signed into law) the Coronavirus Aid, Relief, & Economic Security (CARES) Act. This $2 trillion emergency fiscal stimulus package is intended to help ease the ongoing impact of the virus on the economy. Some of the key points of the legislation include the following:
- Temporary Waiver of Required Minimum Distributions (RMDs) in 2020
- Cash Stimulus Refunds for Taxpayers
- Allowance for a $300 Above-the-Line Charitable Deduction
- Student Loan Payments Deferred Until September 30th, 2020
Please take a moment to read more about the changes within the attached commentary titled “COVID-19 legislation for tax and economic relief”.