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ARTICLE · 08 APRIL 2020

Tax Alert: CARES Act

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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The Coronavirus Aid, Relief, and Economic Security Act passed by Congress and signed by the President on March 27 (the "CARES Act") contains a number of tax relief provisions for individuals...

United StatesTax

The Coronavirus Aid, Relief, and Economic Security Act passed by Congress and signed by the President on March 27 (the “CARES Act”) contains a number of tax relief provisions for individuals and businesses intended to ameliorate the economic impact of the Coronavirus pandemic. The provisions summarized below are particularly notable.

Individual Tax Relief Provisions

Individual Income Tax Rebate/Credit. Subject to certain phaseout rules, eligible individuals (nonresident aliens, estates and trusts and dependents are excluded) are allowed an income tax credit for 2020 equal to the sum of: (1) $1,200 ($2,400 for eligible individuals filing a joint return), plus (2) $500 for each qualifying child (as defined for purposes of the dependent exemption, who hasn't attained age 17). The credit is reduced by 5% of adjusted gross income (“AGI”) in excess of $150,000 (for a joint return), $112,500 (for a head of household), and $75,000 (for all other taxpayers), and thus

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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