TAXPAYER CERTAINTY AND TAX RELIEF ACT
February 25, 2020 - Douglas Myser
Taxpayer certainty and tax relief act. As the name implies this act is designed to give solid footing to those who are hard hit by a natural disaster and provide them with some tax relief. Over the last 31 years, we have served countless individuals and business owners who have been the victim of a natural disaster and had their lives upended, only trying to get back onto solid footing. It often takes them several years to do that. When they finally get to the point where normal comes back around, that's usually the time that they realize they have neglected their taxes and the emotional scar that they were trying to heal, reappears as they now have to deal with a large tax debt. Hopefully, this bill will help a bit. Taxpayer certainty and tax relief act.
In addition to the Secure Act, the Disaster Act was also signed by President Trump on December 20th, 2019 and was included as part of the omnibus spending package, called the "Further Consolidated Appropriations Act, 2010." The Disaster Act extends over 30 provisions of the IRS Code and is effective generally through December 31, 2020. The tax provisions are effective retroactively to January 1, 2018. The bill extends certain individual and business related tax provisions, provides tax incentives for energy production and green economy jobs, eliminates the increase in the estate and tax unified credit after 2022 and provides disaster relief. These are some of the provisions in the act.
Exclusion from gross income of discharge of qualified principal residence indebtedness: the Disaster Act extends the exclusion up to $2,000,000 of debt relief for three years, retroactive to January 1, 2018. Treatment of mortgage insurance as qualified residence interest, the eligible deduction is extended for three years retroactive to January 1, 2018, an eligible deduction is: A maximum of $1,000 reduced to $500 for married taxpayers filing a separate return.
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