The CARES Act signed into law on March 27 contained a number of tax provisions designed to provide relief to businesses impacted by the coronavirus. Two new tax credits can offer immediate liquidity, while changes to existing tax rules can provide opportunities to lower your tax bill or qualify for tax refund claims.
For the many businesses currently being impacted by this crisis, these tax provisions can offer much-needed relief.
This on-demand webinar for CARES Act accounting provides a high level overview of:
- The employee retention credit
- Payroll tax deferral
- A technical correction to Qualified Improvement Property depreciation
- Treatment of anticipated business losses in 2020, including a change to the rules for net operating losses (NOLs)
- Paid leave tax credits (included in the Families First Coronavirus Relief Act)
Watch the rebroadcast:
We are also regularly updating our COVID-19 Resource Center, which you can access here. If you have any questions about these or any other matters, please do not hesitate to contact your Kreischer Miller professional or any member of our team.
Information contained in this alert should not be construed as the rendering of specific accounting, tax, or other advice. Material may become outdated and anyone using this should research and update to ensure accuracy. In no event will the publisher be liable for any damages, direct, indirect, or consequential, claimed to result from use of the material contained in this alert. Readers are encouraged to consult with their advisors before making any decisions.