Reviewing the Tax Provisions of the CARES Act

In this April 3 webinar, David Ayoub, David Herring and Nick Agrippino review the CARES Act, specifically the Tax Provisions for both individuals and businesses included in the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

According to David Ayoub, the new law has great features as well as excellent enhancements to existing tax laws that offer benefits for the current year as well as better results for prior years. This new tax law is meant to decrease tax liabilities and leave more cash in the hands of businesses and individuals.

Highlights from this webinar include:

  • Employee Retention Credit for Employers
  • Delay of Payment of Employer Payroll Taxes
  • Temporary Repeal of Taxable Income Limitation for Net Operating Losses
  • Modification of Rules Relating to net Operating Loss Carrybacks
  • Modification of Limitation on Losses for Noncorporate Taxpayers
  • Corporate Minimum Tax Credit is Accelerated
  • Deductibility of Interest Expense Temporarily Increased
  • Bonus Depreciation Technical Correction for Qualified Improvement Property
  • Individual Recovery Rebate/Credit
  • No 10% Additional Tax for Coronavirus-Related Retirement Plan Distributions

Be sure to watch the webinar. In addition to the valuable content presented, area businesses are also given the opportunity to ask our experts questions about the new Tax Provisions. For further information or to obtain a copy of the presentation, contact Bowers & Company CPAs.

President Trump signed the CARES Act on the afternoon of March 27, 2020. The CARES Act’s estimated $2+ trillion price tag includes: extraordinary public health spending to confront the COVID-19 pandemic; immediate cash relief for individual citizens; a broad lending program for small business; and, targeted relief for hard-hit industries.

Presenters

Bowers & Company CPAs aims to offer helpful information to our clients and friends. Learn more about how we can help should your business need accounting services.

Disclaimer: To ensure compliance with requirements imposed by the Department of Treasury, we inform you any U.S. federal tax advice contained in this document or video is not intended for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.

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