CARES Act: Tax Developments
The CARES Act legislation passed by the Federal Government in response to the COVID-19 pandemic includes temporary changes to tax laws intended to provide economic relief to struggling businesses and individuals. This includes economic impact payments (recovery rebates) for individuals and the modification or easing of several tax law restrictions to mitigate the financial burden on businesses.
The CARES Act has also created a new refundable tax credit for eligible businesses facing COVID-19-related issues to assist with employee payroll costs.
These legislative developments are in addition to the Treasury Department and Internal Revenue Service (IRS) extending tax filing and payment deadline to July 15, 2020 for individuals and businesses.
Coronavirus Aid, Recovery, and Economic Security Act (CARES Act)
Title II of the CARES Act provides relief for American workers, families and businesses. This relief includes new Federal unemployment compensation benefits for workers, recovery rebates for individual taxpayers, and changes to tax provisions that benefit individual and business taxpayers.
Our tax team has summarized the changes the CARES Act has made to these various tax provisions for individuals and businesses below:
On May 8, 2020, Tronconi Segarra & Associates presented a webinar about the tax relief measures included in the CARES Act and FFCRA for businesses and individuals.
Please contact your Tronconi Segarra & Associates tax advisor for more information on these or any tax matters. If you do not have a Tronconi Segarra & Associates tax advisor, please call 716.633.1373 or Contact Us through our website with your question.
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