26 March 2020 Senate passes CARES Act The Senate March 25 approved the roughly $2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act. The House is expected to pass the bill by the end of the week, possibly by voice vote, and send the measure to the President’s desk for his signature. Tax provisions include direct payments to those with wages at the middle-income level and below, deferrals of employer payroll tax liabilities coupled with an employee retention tax credit, rollbacks of Tax Cuts and Jobs Act (TCJA) limitations on net operating losses (NOLs) and the business interest limitation under Section 163(j), and a TCJA fix on qualified improvement property (QIP). A Tax Alert has details. To learn more about what this legislation could mean for you, join us this Friday, March 27 from 1:00-2:00 p.m. EDT (note new time) for the second webcast in our series discussing Tax in the time of COVID-19. Click here to register. Document ID: 2020-0707 |
