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Economic Impact Payment is Not Taxable Income

Client Alert
May 12, 2020

The IRS issued COVID Tax Tip 2020-55, answering taxpayer questions about the economic impact payments.

“Are economic impact payments considered taxable income?”

The IRS stated that the economic impact payments are not considered taxable income. Therefore, individuals will not owe tax on the amount of economic impact payment received. Further, economic impact payments will not:

  • Reduce a taxpayer’s refund
  • Increase the amount a taxpayer owes when filing his/her 2020 tax return
  • Affect a person’s income for purposes of determining eligibility for federal government assistance or benefit programs.

For additional questions related to the economic impact payment or assistance filing your tax return, please contact BMD Tax Law Attorney Tracy Albanese at tlalbanese@bmdllc.com or (330) 253-9195.

IRSTaxable incomeeconomic impactcovid-19 tax tipTaxTracy L. Albaneseimpact paymentstaxpayer
Client Alert

CMS Releases CY 2026 Medicare Physician Fee Schedule Final Rule with Key Payment and Telehealth Updates

December 4, 2025CMS issued the CY 2026 Medicare Physician Fee Schedule Final Rule on October 31, 2025, with changes effective January 1, 2026. The Final Rule includes increases to the conversion factor, a new efficiency adjustment, updates to practice expense methodology, permanent telehealth policy changes, revised payment for skin substitutes, expanded rules for Part B drugs and biologicals, enhanced policies for Rural Health Clinics and Federally Qualified Health Centers, and new care management and behavioral health services.Client Alert

Ohio Department of Medicaid Updates: Key Changes to Physician Reimbursement Rates in Early Parenthood

December 3, 2025The Ohio Department of Medicaid has proposed amending Ohio Administrative Code Rule related to covered Medicaid reimbursements for physicians. Beginning on January 1, 2026, they are proposing an increase to rates for prenatal care, childbirth, and infant care and provider visits.Client Alert

Name, Image, and Likeness Agreements in Healthcare

November 14, 2025For example, some healthcare providers have begun to utilize "Name, Image, and Likeness" agreements to promote the brand they have created through their healthcare practice.  We have seen the most healthcare NIL activity with longevity and wellness providers, as well as orthopedics.Client Alert

Compounding GLP-1 Drugs - Recent Updates

November 13, 2025Recent guidance from the Ohio Board of Pharmacy (“BOP”) indicates that providers should generally use the FDA approved GLP-1 drug, rather than a non-FDA approved compounded version of the medication. Importantly, if a GLP-1 drug is commercially available, it cannot be copied through compounding. Currently, compounded copies of Tirzepatide and Semaglutide are not permitted.Client Alert

Top Compliance Risks for Ohio Med-Spas in 2025

November 11, 2025The Ohio Board of Pharmacy has increased inspections of med-spas holding Terminal Distributor of Dangerous Drugs (TDDD) licenses, with many facing enforcement actions in 2025. Common issues include purchasing from unlicensed distributors, improper drug storage, inadequate recordkeeping, and insufficient prescriber oversight. Understanding these risks and maintaining compliance can help protect your practice from penalties and license suspension.
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