Taxpayer Certainty and Disaster Tax Relief Act of 2019
On 12/20/2019, the President signed The Further Consolidated Appropriations Act (H.R. 1865), which included several bills. A few have tax implications, which we will discuss here.
Included in the omnibus spending legislation was the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the “Disaster Act”, for short). This is a summary of what is in the Disaster Act.
Note that these provisions are retroactive to the 2018 tax returns, so clients should consider if they could have taken advantage of this rule. If so, amended returns should be considered.
Clients who could benefit from these rules should stand by for additional guidance from the Internal Revenue Service. The government will get a wave of amended returns, and they probably will establish a procedure for the efficient processing of these filings.