Chief Tax Information Officer
Published on: December 22, 2020
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The much-anticipated emergency COVID-19 economic relief package was signed into law on December 27, 2020, after leaders of both parties in the U.S. Congress, along with the White House, reached an agreement on several pro-taxpayer provisions of the omnibus package.
Provisions of the bill include a new economic impact payment, the extension of additional unemployment benefits, additional monies for certain workers, and a safe-harbor consideration for taxpayers who qualified for the Earned Income Tax Credit (EITC) in 2019.
Currently, the main elements of the bill expected to impact taxpayers are as follows:
A host of other provisions are embedded in the very comprehensive bill including future changes to the Extender tax provisions, small business provisions, charitable donation provisions and many more. You can read the entire bill here. We’ll continue to monitor for updates on how the IRS will implement many key elements of this legislation.
Got questions? Book an appointment with a Jackson Hewitt Tax Pro and they’ll be happy to help.
About the Author
Mark Steber is Senior Vice President and Chief Tax Information Officer for Jackson Hewitt. With over 30 years of experience, he oversees tax service delivery, quality assurance and tax law adherence. Mark is Jackson Hewitt’s national spokesperson and liaison to the Internal Revenue Service and other government authorities. He is a Certified Public Accountant (CPA), holds registrations in Alabama and Georgia, and is an expert on consumer income taxes including electronic tax and tax data protection.