The CARES Act Updates: April 10, 2020

Updates and changes to the CARES Act are coming rapidly. Here’s how we will share that information with you.

Our articles related to COVID-19 matters are updated routinely as more guidance from the IRS, the SBA, and other authoritative sources is provided. At the front of each article you will find its original publication date, accompanied by a brief explanation and date of any update(s) incorporated in the article.

A list of our April 10 updates is provided here:

Recovery Rebates : Direct Payments to Individuals
Some individuals who are not required to file Forms 1040 also do not receive Social Security payments, and the IRS may not have sufficient information on which to base a rebate calculation for them.  The IRS has provided a means for those individuals to provide information on the IRS website to initiate their rebates.  (Those who do receive Social Security payments will receive their payments automatically.)

Net Operating Losses are Expanded
This article was updated to include provisions in IRS Notice 2020-26 and Revenue Procedure 2020-24, which allow additional time (but not a lot of additional time!) to request “quick” refunds using Forms 1045 or 1139 and clarify how to elect to forgo the NOL carryback.