Tax Provisions of the CARES Act
On Friday, March 27, the President signed into law the 880-page Coronavirus Aid, Relief, and Economic Security Act (“CARES Act). BNN’s tax team has put together a comprehensive guide to the tax features of the CARES Act.
- Payroll Tax Credits and Deferrals for Employers Offered Under the CARES Act
- Recovery Rebates: Direct Payments to Individuals
- Retirement Funds – Penalty-Free Distributions and Loans
- Temporary Waiver of Required Minimum Distribution Rules
- Net Operating Losses are Expanded
- Expansion of Allowed Losses for Non-Corporate Taxpayers
- Business Interest Limitation Modifications
- Charitable Giving Opportunities are Expanded under the CARES Act
- Depreciable Life of Qualified Improvement Property
- Corporate Minimum Tax Credit Modifications
- The CARES Act and Tax-Exempt Organizations
If you would like to discuss these matters further, please contact your BNN tax advisor at 800.244.7444.