U.S. Tax Filing Updates for The 2020 Year

On April 8, to over 30 members, AMCHAM’s Tax Committee held what has become a yearly event: U.S. Tax Filing Updates – For the 2020 Tax Year. Tax Committee Co-Chair, John Andes introduced speaker Matthew Stevens, Managing Director of Global U.S. Tax Plan, who spoke to members regarding laws the American government had passed within the last year to help stimulate the economy and other tax updates.

Matthew began his discussion noting that filing for individuals and businesses had been extended to May 15 for 2021 and gave a summary on laws passed in 2020, like the FFCRA, CARES Act, and the 2021 Consolidated Appropriations Act. He talked about Recovery Rebate Credits before moving onto the American Rescue Plan that was recently enacted by the Biden administration. Matthew elaborated on how this most recent law was going to affect businesses and their tax strategies for the 2021 year, including items like credits for employee sick leave and other credits.

The session was followed by a question-and-answer session, moderated by John Andes, where members inquired about lobbying, cryptocurrencies and their place in tax filing for 2020, and other proposals to the infrastructure plans that are currently being debated in Congress.