100% Depreciation of QIP Allowed Retroactively Under the CARES Act

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The IRS issued Rev. Proc. 2020-25 on April 17, 2020, providing guidelines for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP) and outlines the procedures to change depreciation for certain QIP or to make, revoke or withdraw certain elections. Under the Tax Cuts and […]

Additional Guidance Clarifying NOL Refund Claims Under the CARES Act

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On April 9, 2020, the Internal Revenue Service and Treasury issued additional guidance to specifically address the new net operating loss (NOL) rules included in Section 2303(b) of the CARES Act. Revenue Procedure 2020-24 clarifies the procedures related to filing refund claims resulting from the newly established five-year net operating loss carryback provisions under the […]

Loans for Mid-Sized Businesses Under the CARES Act

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There has been a flood of information (and misinformation) about the Paycheck Protection Program (PPP) included in the Coronavirus Aid, Relief and Economic Security (CARES) Act that provides eligible small businesses with borrowing opportunities to weather the current COVID-19 economic storm (see related posts below). Receiving less attention at the current time is another program […]

Social Security Recipients Without Prior Year Tax Returns to Automatically Receive Economic Impact Payments

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On April 1, 2020, the U.S. Department of the Treasury and the Internal Revenue Service  announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. The announcement […]

IRS Releases Guidance on Employee Retention Credit

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Internal Revenue Service guidance on various aspects of the recently passed economic stimulus bills continues to be released on a fast and furious pace. The most recent release, Notice IR-2020-62, adds clarification to the Employee Retention Credit (ERC) included in the Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted on March 27, 2020. This […]

Economic Injury Disaster Loans (EIDL) Under the CARES Act

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With all of the commentary and focus on the potentially-forgivable Paycheck Protection Program loans included in the Coronavirus Aid, Relief and Economic Security (CARES) Act, most companies suffering a negative financial impact from the COVID-19 pandemic are looking to participate in that program. However, a number of changes to the Small Business Administration’s  (SBA) Economic […]

Paycheck Protection Program Loans (PPP) Available Under the CARES Act

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UPDATE (4/1/20): Applications for small businesses and sole proprietorships will be available April 3, 2020. Independent contractors and self-employed individuals can apply beginning on April 10, 2020. Click here for the application form. Fact sheets for borrowers and lenders are also available. The Treasury urges those in need of funding to apply quickly, noting that […]

CARES Act Stimulus Bill Becomes Law

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President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, after the bill was approved by voice-vote by the House of Representatives earlier that day. That vote followed unanimous approval by the Senate on March 25, 2020. The 880-page, $2 trillion Act includes provisions designed to provide economic stimulus […]