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

CARES-Tax-Provisions
CARES-Tax-Provisions-Summary

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