On December 20,2019 a tax-extender bill was signed into effect.
The bill also provides tax relief for victims of various disasters occurring in 2018, 2019, and up to 30 days after enactment of the bill. Eligible taxpayers can make tax-favored withdrawals from retirement plans. The bill also enacts an employee retention credit for eligible employers equal to 40% of qualified wages, which are wages paid to an employee during the time the employer’s business is not operating due to a natural disaster (up to 150 days after the disaster).
The bill also implements special rules for disaster-related personal casualty losses and for determining earned income for purposes of the Sec. 32 earned income tax credit. The bill also introduces automatic 60-day filing extensions for certain taxpayers affected by federally declared disasters.
As a result, updates need to be made to the TurboTax software to align with these changes. Form 4684 is expected to become available on February 12, 2020. Form 8915 is expected to be available on February 20, 2020.
Tax Extenders
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