Skip to content

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.

Share this article

Facebook
Twitter
LinkedIn
Bowers & Company CPAs

Bowers & Company CPAs

Related Articles

Family Business
Bowers & Company CPAs

How to Manage Conflict in a Family Business

Leadership in a successful family business understands and accepts there will be obstacles to overcome for the company to grow and prosper. By enlisting the help of unbiased and trusted consultants to work with the family, leadership can craft productive resolutions to preserve the family business.

READ MORE »
Quality of Earnings
Joe Mocciaro

What is the Value of a Quality of Earnings Report for Businesses?

When it comes to potential mergers in business, numerous terms and acronyms are frequently used. As a business owner entering the transaction market, it is essential to be fluent in the language. Quality of Earnings (QoE) illustrates this as it is a term frequently mentioned when purchasing or selling a business.

READ MORE »
Bowers & Company CPAs - Accounting Services Firm in Syracuse and Watertown NY
Bowers & Company CPAs - Accounting Services Firm in Syracuse and Watertown NY