2020 End of Year Update
It has been an extremely busy year related to federal taxes. The Treasury Department and the Internal Revenue Service were involved throughout the year with interpreting and providing guidance on certain areas of tax law under the Tax Cuts and Jobs Act (TCJA). However, as a result of the COVID-19 pandemic, the Service had to deal with a new reality and develop rules under the massive pieces of legislation passed by Congress and numerous Executive Orders signed by the President to provide relief to affected taxpayers. In addition, natural disasters throughout the country created additional need for relief. This all had to be done while the Service itself was short-staffed due to the closure of IRS centers under lock-down conditions. This article provides a brief review of COVID-19 actions taken by the IRS and Congress and updates some non- COVID-related issues which occurred during this past year.