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10 Tax Changes in New COVID Relief Package

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Related: 9 Ways Your Clients’ Taxes Could Change Under Biden

Now that President Donald Trump has signed the spending bill containing the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which contains $900 billion in pandemic relief, there are several tax-related items in the bill that advisors and their clients need to know.

The legislation includes a variety of personal income tax planning relief provisions, Jeffrey Levine, Buckingham Wealth Partners director of advanced planning and director of advisor education, said Wednesday during the Kitces webinar “Coronavirus Stimulus Legislation: What Advisors Should Know About The Latest Stimulus Bill,” as well as in a report released after the event.

To be fair, “I don’t know that there’s anything in this bill that I would call, like, earth-shattering or game-changing from a personal financial planning perspective,” Levine told viewers. “But there are a lot of things to be aware of here and, inevitably, clients will qualify for one or more of these things, so you definitely want to be aware of what they are — especially the tax ones, because everybody loves paying lower taxes, right? Save the client $50 on taxes and they think you’re a hero.”

 See the gallery above for 10 top tax takeaways from the new legislation that all advisors and their clients should know.

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