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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

Patient Abandonment and Termination

November 17, 2022Healthcare professionals have a responsibility to patients with whom they have established a treatment relationship. However, there may be some instances when they will need to terminate their relationship with a patient. FAQs for patient abandonment and termination are provided to help guide physicians.Client Alert

A Business or Person Who Owes You Money Has Filed for Bankruptcy. Now What?

November 16, 2022When you receive a notice that someone you do business with has filed for bankruptcy, it is important to act quickly to determine your rights in the bankruptcy process and to protect them. Here are seven things to do right away.Client Alert, News Article

Recent Litigation Challenges the Affordable Care Act Preventive Services Requirement

November 15, 2022The Affordable Care Act (ACA) has been met with numerous legal challenges. The most recent legal challenge, Braidwood Management Inc. v. Becerra, could affect millions of people covered by private health insurance.Client Alert

340C – Prospective Legislation to Protect Federally Qualified Health Centers

November 14, 2022Advocates for Community Health (ACH), an organization created to implement policy and advocacy initiatives for health care systems across the United States, has begun drafting legislation that is geared towards protecting Federally Qualified Health Centers (“FQHCs”) enrolled in the 340B Program, which is being dubbed “340C.”Multimedia, Client Alert

Getting Paid to Vote

November 7, 2022Can you get paid to vote? Election Day is upon us and employees across the country are asking whether they can get paid to vote. Essentially, can they take paid leave of a few hours to go to the polling location to cast their vote in a midterm election or presidential election. Well, it depends on the state where the employee works.
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