COVID-19 Implications

COVID-19 Implications > Cares Act Details

CARES Act Details

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act (HR 748) is the largest economic relief bill in US history for businesses and individuals affected by the pandemic and economic downturn.

Business Overview

Article
How to Leverage Net Operating Loss Rules to Create Cash Flow
Discover how to seize a tax refund through new rules in the CARES Act.
Article
Webcast
Tax Reporting Changes: ASC Topic 740
Income-tax reporting changes introduced by the CARES Act need to be included in many companies’ financial statements.
Webcast
Webcast
Net Operating Losses Carryback Opportunities
Discover five-year net operating loss (NOL) carryback opportunities for losses arising after 2017 and before 2021.
Webcast
Webcast
Qualified Improvement Property Correction
Gain insight into the long-awaited technical correction to qualified improvement property (QIP), introduced as part of the CARES Act.
Webcast
Webcast
Accelerated Recovery of Alternative Minimum Tax Credits
Taxpayers may claim refunds for Alternative Minimum Tax (AMT) credit carryover in their first tax year beginning during 2019.
Webcast
Webcast
Deduction Increase for Business Interest Limitation
IRC Section 163(j) increases the interest deduction limitation from 30% to 50% of adjusted taxable income for most taxpayers.
Webcast
Webcast
Excess Business-Loss Rules Suspended
Excess business-loss rules in IRC Section 461(l) enacted in 2018 have been suspended until tax years beginning after 2020.
Webcast

Implications for Individuals

Article
CARES Act Recovery Rebate Payments: Do You Need to Pay Back the IRS?
Discover eligibility requirements and what to do if you or a deceased family member incorrectly receives a payment.
Article
Alert
CARES Act: Implications for Individual Taxpayers
The CARES Act can provide relief through recovery rebates, waived penalties for early retirement distributions, and more.
Alert
Webcast
COVID-19 Tax Relief Initiatives for Individuals
Learn how to gain financial relief through recovery rebates, waived penalties for early retirement distributions, and more.
Webcast
Alert
CARES Act: Implications for Retirement Plans and Individual Retirement Accounts
The act includes provisions waiving certain required minimum distributions, allowing maximum loan increases, and more.
Alert

Insight for Employers

Alert
CARES Act Payroll Tax Deferral: Income Tax Implications and Benefits for Employers
Employers can defer payment of certain 2020 payroll taxes until 2021 and 2022. Learn income tax deductibility requirements.
Alert
Alert
IRS Issues Guidance on Executive Order for Payroll Tax Deferral
Notice 2020-65 addresses some questions, but is likely to leave employers with implementation challenges. Learn details.
Alert
Alert
New Executive Order on Payroll Tax Deferral Leaves Many Open Questions
The Treasury was directed to provide a grace period for the employee portion of Social Security taxes on certain wages.
Alert
Alert
New Guidance on Payroll Tax Deferrals and Credits Under the CARES Act
The IRS published guidance on the payroll tax deferral provided by the CARES Act. Learn more details.
Alert
Alert
Support Your Employees with Tax-Deductible Student Loan Payments
The CARES Act allows employers to help employees make student loan payments during this challenging time.
Alert
Alert
New IRS FAQs to Help Employers Navigate the Employee Retention Tax Credit
Learn details on new IRS guidance for employers including how to determine qualified wages and hours.
Alert
Alert
New Tax Credit Opportunities for Employers Impacted by COVID-19
Learn about the employee retention tax credit (ERTC), the paid sick leave credit, and the paid family leave credit.
Alert
Webcast
Payroll Tax Deferral for Employers
Learn how to defer payment for payroll taxes incurred between the date the CARES Act is enacted through December 31, 2020.
Webcast
Webcast
Paid Sick Leave Credit for Employers
Two refundable payroll tax credits are now available to small employers as part of a mandated two-week paid leave policy.
Webcast
Alert
COVID-19 Relief Act Signed by the President
The Families First Coronavirus Response Act became law on March 18, 2020. Learn how it could affect your organization.
Alert

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