Consolidation Appropriations Act, 2021
On December 27, 2020, President Trump signed The Consolidation Appropriations Act, 2021 containing a $900 billion COVID-relief package and extends and also amends certain tax provisions contained in the recent CARES Act. Most notably this Act provides for another round of PPP business loans as well as additional 2020 "stimulus checks" to qualifying taxpayers. For further details on this recent Act, please click on this link for the individual provisions and this link for the business provisions.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act)
On March 27, 2020, President Trump signed a $2 trillion economic relief package that provided both extensive tax and non-tax provisions. For individuals, a first round of Economic Impact Payments or "stimulus checks" were issued to those with income under a certain level. For businesses, payroll tax credits and an extension of time for paying employement taxes as well as a small business loan program were implemented. Some of the more notable individual provisions are outlined in this link.
The Consolidation Appropriations Act of 2020
On December 20, 2019, President Trump signed The Consolidation Appropriations Act of 2020 which provided a number of individual and business tax provisions, resurrecting several deductions and credits that had expired at the end of 2017 & 2018 or were scheduled to expire at the end of 2019. Other changes potentially impacting a taxpayer's 2019 & 2020 tax return were implemented. The individual highlights of the new tax bill can be found through this link.
Tax Cuts & Jobs Act of 2017
On December 22, 2017, President Trump signed the Tax Cuts & Jobs Act of 2017 (TCJA). The Act provided for an overhaul that affects nearly every US individual and business taxpayer. The highlights of this tax bill can be found in this link.