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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

Ohio Recovery Housing Overhaul: New Standards and Certification Requirements Reshape Sober Living Spaces

May 30, 2024Client Alert

Ensuring Fair Access: SB 269 Protects Affordable Medication for Low-Income Patients

May 29, 2024SB 269, introduced on December 19, 2023, will ensure that 340B covered entities, including Federally Qualified Health Centers, Ryan White Clinics, disproportionate share hospitals, and Title X clinics, can acquire 340B drugs without facing undue restrictions or discriminatory practices from drug manufacturers and distributors. This protection is crucial for 340B covered entities to continue to provide affordable medications and comprehensive services to low-income patients.Client Alert

Unveiling Ohio's Pharmacy Board Updates for Distributors, Mobile Clinics, and Controlled Substances

May 24, 2024The Ohio Board of Pharmacy will hold a public hearing on May 28, 2024, to discuss several proposed changes and additions to Ohio Administrative Code (OAC). These changes pertain to terminal distributors of dangerous drugs (TDDDs), mobile clinics or medication units, and the classification of controlled substances.Client Alert

House Bill 249: Key Updates to Involuntary Hospitalization Law for Mental Health Providers

May 23, 2024House Bill 249 (HB 249) proposes changes to Ohio Revised Code (ORC) Sections 5122.01 and 5122.10 to expand the conditions under which a person with a mental illness can be involuntarily hospitalized.Client Alert

Starting an Advanced Practice Provider Practice

May 13, 2024Advanced practice providers (APPs), which includes non-physician providers such as nurse practitioners, physician assistants, and nurse anesthetists, commonly start their own healthcare practices. Practices may provide, for example, service offerings such as primary care, anesthesiology, mental health, and aesthetics (medical spas). However, there are a number of considerations and steps that must be taken for APPs to compliantly function independently.
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