April 14, 2020 9:21 pm

Tax Changes in the Wake of COVID-19: Special Supplement Available

Congress and the IRS have been busy on changing tax rules to help individuals and businesses get through the economic disaster triggered by COVID-19. The changes impact 2019 returns, as well as returns for prior years and for 2020. To help readers understand these changes, we have prepared a special COVID-19 Supplement (https://www.jklasser.com/wp-content/uploads/2020/04/JKL_YIT_2020_Special_COVID-19_Supplement_r1Apr14.pdf) to the 2020 editions of J.K. Lasser’s Your Income Tax, J.K. Lasser’s Small Business Taxes, and J.K. Lasser’s 1001 Deductions & Tax Breaks.

Tax Glossary

Amount recognized

The amount of gain reportable and subject to tax. On certain tax-free exchanges of property, gain is not recognized in the year it is realized.

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