Tax Aspects of the CARES Act

Late in the evening on Wednesday, March 25th, Congress agreed on a stimulus package to assist with the COVID-19 pandemic.  The Coronavirus Aid, Relief, and Economic Security (CARES) Act will boost the economy with over $2 trillion in relief.  The tax provisions of the act include the following:

  • Individual stimulus checks
  • Small business loans
  • Loan Forgiveness of Paycheck Protection Loans
  • Emergency Government Disaster Loan
  • Using IRA funds for Coronavirus Costs
  • Required Minimum Distribution Waiver for 2020
  • Changes to charitable contributions
  • Exclusion from Income of Employer Payment of Employee Student Loan Debt
  • Employee Retention Credit
  • Delay of Payment of Employer Payroll Tax and Self-Employment Tax
  • Changes to the Net Operating Loss Rules

We will be posting additional information in regards to these provisions in the coming days.  In the meantime, we recommend reading ‘Congress Reaches Agreement On A Coronavirus Relief Package:  Tax Aspects of the CARES Act‘ by Tony Nitti –