27 March 2020 BREAKING TAX NEWS | President signs coronavirus bill #3, CARES Act On March 27, President Trump signed the $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed by the House earlier today and by the Senate on March 25. The CARES Act, the third congressional measure to address the crisis, provides for loans and other benefits to businesses small and large, expanded unemployment insurance, direct payments to those with wages middle-income and below, and new appropriations funding for health care and other priorities. Tax changes include deferrals of employer payroll tax liabilities coupled with an employee retention tax credit and rollbacks of the IRC Section 163(j) business interest limitation and TCJA limitations on net operating losses. Document ID: 2020-9010 |
