PRESIDENT TRUMP SIGNS CARES ACT

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19 TaxConnections provides you the 880 page Cares Act as published by the Tax Foundation.

Any reference to this Act shall be treated as referring only to the provisions of that division:
A—KEEPING WORKERS PAID AND EMPLOYED,HEALTH CARE SYSTEM ENHANCEMENTS, AND ECONOMIC STABILIZATION, TITLE I—KEEPING AMERICAN WORKERS PAID AND EMPLOYED ACT
Sec. 4001. Short title.
Sec. 4002. Definitions.
Sec. 4003. Emergency relief and taxpayer protections.
Sec. 4004. Limitation on certain employee compensation.
Sec. 4005. Continuation of certain air service.
Sec. 4006. Coordination with Secretary of Transportation.
Sec. 4007. Suspension of certain aviation excise taxes.
Sec. 4008. Debt guarantee authority.
Sec. 4009. Temporary Government in the Sunshine Act relief.
Sec. 4010. Temporary hiring flexibility.
Sec. 4011. Temporary lending limit waiver.
Sec. 4012. Temporary relief for community banks.
Sec. 4013. Temporary relief from troubled debt restructurings.
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TaxConnections Members provide valuable insight into tax reform proposals. As these new tax proposals make their way through the House and the Senate, it is important to learn from highly experienced tax experts who have their eyes on the implications of any changes proposed or made.

Tax professionals are the people you can trust who understand these tax proposals. There is no better expert to look to than a retired tax expert like Do Amirian who recently sent me a copy of his letter to President Trump regarding Tax Reform Per House Bill (62% Increase for the elderly).  Retired tax executives are people who have the time and experience to see through the consequences of any new tax proposals. We need to learn from years of tax expertise!

Kat Jennings, TaxConnections CEO

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Honorable President Trump,

The House will have significant adverse tax impact on the elderly, with significant medical expenses because of the elimination of the medical expense deduction.

For example, I, and my spouse Violet, will experience a federal tax increase of 62% under the House bill because of the elimination of the medical expense deduction.

Such a tax increase, an incredible 62%, is unconscionable under any standard of fairness.

Mr. President, please retain this critical deduction for the elderly, who count in the tens of millions of individuals.

Respectfully and success with your Administration,

Dro Amirian

Retired Corporate Tax Executive

Los Angeles, California

 

Have a question? Contact Dro Amirian

Your comments are welcome!

 

President Trump unveiled his latest framework for tax reform, which stems from a collaborative effort by the so-called “Big Six,” which includes members of the Trump administration and Senate and House leaders.

The following is a quick summary of some of the main provisions of the plan, which have potential consequences for U.S. expat individuals: Read More

Annette Nellen

Members of President Trump’s cabinet (Secretary Mnuchin and National Economic Director Gary Cohn) released a 1-page list of items he wants in a tax reform plan. CNN has the 1-pager posted here.

A few observations (I’ll have more later):

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