At a Glance: New Tax Relief in Federal Law

On Dec. 27, President Donald Trump signed the Consolidated Appropriations Act. Within its 5,593 pages are several credits and other tax relief provisions for taxpayers affected by the pandemic, including:

• a deferral of employees’ share of payroll taxes;
• tax benefits arising from PPP loans; and
• an extension of refundable credits for paid sick and family leave.

OMA Connections Partner Roetzel has provided this brief summary of key tax provisions directly relating to COVID-19 tax relief. 1/4/2021