Obtain guidance on the various tax benefits (including tax refunds from prior years) and obligations contained in recent legislation and IRS releases including:
The IRS's new "People First Initiative" which:
- Postpones a long list of tax-related deadlines from April 15, 2020 to July 15, 2020, including the effect of this postponement on other time sensitive acts
- Postpones numerous enforcement actions until July 15, 2020
The CARES Act (Coronavirus Aid, Relief and Economic Security Act, H.R. 748) signed into law March 27, 2020, which includes:
- Rebates for individuals
- Employee retention credits for certain employers experiencing economic hardship due to the Coronavirus pandemic
- Penalty relief for Coronavirus-related distributions from retirement plans
- Delay of RMDs
- Increased deduction limits for charitable contributions
- Retroactive NOL carrybacks
- Delay of employer payroll tax payments
- Retroactive delay of the Excess Loss Limitation for individuals
- Retroactive acceleration of refundable corporate AMT credits
- Increased deduction limits for business interest expense
- A qualified improvement property fix
- Limited income exclusion for employer payments on employee student loans
The Families First Coronavirus Response Act (H.R. 6201) enacted March 18, 2020 that:
- Requires employers with fewer than 500 employees to make "qualified sick leave payments" and "qualified family leave payments" for a range of employees who cannot work because of the Coronavirus
- Provides offsetting refundable payroll tax credits for employers that make these payments
- Provides refundable tax credits for self-employed individuals who cannot work because of the Coronavirus
