On Friday March 27, the Coronavirus Aid, Relief, And Economic Security Act (CARES Act) became law. The Act will inject $2.2 trillion into the American economy, and includes a range of tax rebates, expanded unemployment benefits and a variety of business tax-relief provisions designed to bolster individual, family and business finances.
A massive emergency SBA nonrecourse loan program for small businesses with generous forgiveness provisions. Income Tax-Free SBA loan forgiveness along with key tax Incentives designed to stimulate the U.S. economy. Deferral of the Employer side of Social Security Taxes Until 2021 and 2022. $1,200 checks to many Americans plus $500/child that will be phased out based on income widely believed to be $75,000. Employment Tax Credits to 100% Finance Sick Leave for Small Business. Expansion of NOL Carrybacks and Carryforwards. Waiver of 2020 RMDs from Qualified Retirement Plans. Waiver of 2020 RMDs from IRAs. Delayed Filing Dates for Some Returns and Not Others. Delayed Payment Dates. Retirement Plan and IRA Penalty-Free Distributions - with Repayment Plans over Several Years. Retirement Plan Loan Expansion & Relief. Delayed IRA and Plan Contribution Dates. New Charitable Tax Breaks - Including an above-the-line deduction and Percentage Limitation Rollback. Significant Delay on the Payment of Employment Taxes. 461(l) Excess Loss Limitation Relief. Deductible Business Interest Expense Relief.
CPAs, financial professionals, enrolled agents and attorneys.
Review the Coronavirus Aid, Relief, And Economic Security Act (CARES Act).
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- Robert Keebler, AICPA Learning
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