CARES Act Tax Provisions

John Kirsch

Mar 30, 2020

On Friday, March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The Act includes numerous provisions that provide tax relief as a result of the Coronavirus epidemic.

The Business Tax Provisions include:

Employee retention credit for employers reducing operations due to COVID-19
Delay of payment of employer payroll taxes
NOLs arising in tax years 2018, 2019, or 2020 to be carried back 5 years
Modification of Excess Business Loss (EBL) rules
Temporary modification of business interest deduction limitation
Technical amendment regarding qualified improvement property

The Individual Tax Provisions include:

Individual tax credit/rebate
Retirement Plan Provisions for distributions
Changes to charitable contributions
Student Loan Provisions

Learn more about how these new provisions will impact you:

CARES-Act-Tax-Provisions-Summary

More Resources

Guide: Next Level Accounting Services for Your Growing Business

Guide: Build a Better Business by the Numbers

Case Study: Strategic Accounting Support from Acquisition to Sale

About The Author

As a highly energetic business leader and entrepreneur, John has a passion for helping businesses and nonprofits reach…

jkirsch@kirschcpa.com

Sign Up for Email Updates

Accounting & Financial News

Looming Tariff Threat Has Trucking Industry Anticipating a Difficult Road Ahead

Many transportation industry business owners who are scrambling for ways to fortify their businesses have few options for minimizing the…

Maximize the Ohio Scholarship Granting Organizations (SGOs) Tax Credit

Scholarship Granting Organizations (SGOs) provide need-based scholarships to students attending private schools. In Ohio, taxpayers who donate to SGOs may…

FinCEN Interim Final Rule Significantly Reduces BOI Reporting Requirements

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced significant updates to Beneficial Ownership Information (BOI) reporting requirements…

Frequently Asked Questions

How can I manage cash flow better?

Good cash flow management and forecasting are essential for maintaining the financial health of your business. Having a rolling 12-month forecast of revenues and expenses helps you proactively avoid shortfalls and capitalize on opportunities. Learn more >

How can my business benefit from outsourced CFO services?

Outsourced CFO services, also known as fractional or virtual CFO services, let small and mid-size businesses leverage the deep financial expertise and strategic insights needed to accelerate growth and profitability for a fraction of the cost of hiring a full-time CFO. Key offerings include profitability analysis, cash flow forecasting, KPI benchmarking, and budgeting. Learn more >

How can I ensure that I don’t pay more taxes than necessary?

Effective tax planning involves leveraging all available tax credits, avoiding unpleasant surprises, keeping up with changes in the law, and ensuring you pay only your fair share. Learn more >

How can a CPA firm increase the profitability and value of my business?

When you partner with an accounting firm that offers advisory services, you will have the clear financial visibility needed to confidently make big decisions and drive profitable growth for your business. Learn more >

What should I look for in an outsourced accounting firm?

Growing a business requires more than tax preparation and basic accounting services. You need a holistic and forward-looking approach to your financial health. For best results, look for a partner who employs a proven process and a diverse range of services tailored to optimize cash flow, increase profitability, and maximize the value of your business. Learn more >

Recent Posts