Effective for expenses incurred on or after January 1, 2020, consumers may use FSA and HSA funds to pay for OTC drugs without the need for a prescription and menstrual care products. The OTC and menstrual care product measures do not have an expiration date. 4. Short-term relief for federa...
The COVID-19 relief bill clarifies that “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided” by Section 1106 of the CARES Act (which has been redesignated as Section 7A of the ...
This guide explains the stimulus and relief efforts undertaken by the U.S. government during the COVID-19 crisis. Learn more about the support for business and employment.
As the federal government continues to look for ways to help the country through this unprecedented health and economic crisis, there have been several pieces of legislation that have passed, with more being proposed. Most notable were the Coronavirus Aid, Relief and Economic ...
“adjusted taxable income” (taxable income with certain adjustments), with any excess carried forward to future years. As a result, a distressed taxpayer can easily find itself owing cash taxes even when it has suffered an overall economic loss — for example, where its adjusted taxable income...
“Small low-profit enterprises” as mentioned refers to the enterprises that meet the requirements set out in theAnnouncement on Issues Relating to Implementation of Inclusive Income Tax Relief Policy for Small Low-profit Enterprises(CN) (STA Announcement [2019] No.2) ...
Justin time for schools to reopen, the Department of Labor has released additional guidance explaining when employees are entitled to leave to care for children whose schools will remain at least partially closed due to COVID-19. The Families First Coronavirus Relief Act (“FCCRA”) provides up...
In October 2021, D.C. Council provided Mayor Bowser, under Act 24-178 1 , the power to extend the foreclosure moratorium from November 5, 2021, to February 4, 2022. 2 The purpose of this extension was to allow the Housing Assistance Funds (‘HAF”) Program to be implemented. The goal...
Meanwhile, IRA owners and participants in plans without loan features may wish to simply take a distribution of retirement assets. Distributions of pre-tax assets will still be taxable, but up to $100,000 should be available with...
may only provide disaster relief funds to employees or their family members in connection with a “qualified disaster.” Section 139 of the Internal Revenue Code defines a qualified disaster as, among other things, a federally declared disaster (when the President signed a proclamation on March 13...