The Coronavirus Aid, Relief and Economic Security (“CARES”) Act is widely known for the Paycheck Protection Program (“PPP”) which allowed employers to obtain forgivable loans provided that the proceeds of the loans were used for specified purposes. In addition, the CARES Act also provided substantial economic assistance to individuals and businesses through a number of tax provisions. These included the Economic Impact Payments (frequently called a “stimulus checks”) and payroll tax credits to private sector employers to encourage the retention of employees during the COVID outbreak.
The articles found at the links below are a part of the von Briesen and Roper s.c. COVID-19 Task Force information page. The Task Force information page includes a series of articles discussing the legislation coming out of Washington D.C. in response to the pandemic. Below I include links to the articles discussing the tax related provisions. (As the government continues to provide additional guidance interpreting the laws, pay attention to the date of each article to ensure that you are considering the most recent guidance.)
- Initial Outline of Key Provisions in the CARES Act(3/26)
- Business Tax Benefits in the CARES Act(3/29)
- Individual Tax Benefits in the CARES Act(3/29)
- Retirement Plan Benefits: The CARES Act and Other Tax Planning Considerations(4/1)
- Legislative, IRS and DOL Responses to COVID-19 Affecting Retirement Plans, Group Health Plans, FSAs, and HSAs(4/3)
- Wisconsin Adopts Several Provisions of the CARES Act’s Tax Provisions(4/17)
- IRS Issues Guidance on Net Operating Loss Carryback Adjustments under the CARES Act(4/17)
- IRS Disallows Deductions for Forgiven PPP Expenses(5/5)
- Key Takeaways from PPP Flexibility Act(6/4)
Taxing Thoughts 