The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is 850+ pages of legislation to provide emergency assistance and health care response for individuals, families and business affected by the 2020 coronavirus pandemic. The federal income tax provisions in the CARES Act cover recovery rebates for individuals and families, enhanced deductions for charitable contributions, modifications to net operating loss rules, tax credits for employers, and relaxation of the business interest expense limitation. Also included in the legislation is a technical correction to the depreciation rules for qualified improvement property. We will bring you highlights and examples of the new tax rules, and discuss planning considerations that may impact 2019 tax returns right now.
Identify tax law changes and apply them to 2019 returns
Consider if amended returns are required
Look for available credits and refunds of prior year taxes