The CARES Act Updates: April 14, 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 14 updates are provided here:
- Business Interest Limitation Modifications
This article was updated on April 14 to include provisions in Revenue Procedure 2020-22, which allows for a qualifying taxpayer to make a late election or withdraw an election to be treated as an electing real property trade or business or electing farm business for purposes of the business interest limitation. The notice also describes the timing and manner in which a taxpayer elects to utilize the benefits related to business interest limitation under the CARES Act.
- Net Operating Losses are Expanded
This article was updated on April 14 to explain that beginning April 17, the IRS temporarily will accept carryback claims via fax.