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
Act Now on New NOL Rules to Create Cash Flow
Discover how to seize a tax refund through new rules in the CARES Act.
Article
Webcast
ASC 740 Income Tax Reporting Changes
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
Claim Refund for AMT Credit Carryover
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

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

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CARES Act Payroll Tax Deferral for Employers
Employers can defer payment of certain 2020 payroll taxes until 2021 and 2022. Learn income tax deductibility requirements.
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Alert
IRS Guidance on Payroll Tax Deferral
Notice 2020-65 addresses some questions, but is likely to leave employers with implementation challenges. Learn details.
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Alert
Executive Order on Payroll Tax Deferral
The Treasury was directed to provide a grace period for the employee portion of Social Security taxes on certain wages.
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Alert
Payroll Tax Deferrals Under the CARES Act
The IRS published guidance on the payroll tax deferral provided by the CARES Act. Learn more details.
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Alert
Supporting Employees with Loan Payments
The CARES Act allows employers to help employees make student loan payments during this challenging time.
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Alert
Updated Employee Retention Tax Credit Guidance
Learn details on new IRS guidance for employers including how to determine qualified wages and hours.
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Alert
Relief 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.
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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
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COVID-19 Relief Act Signed by President
The Families First Coronavirus Response Act became law on March 18, 2020. Learn how it could affect your organization.
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