New Guidance on Required Minimum Distributions Under the CARES Act

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Prior to the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many taxpayers meeting the specified age criteria were mandated to take annual taxable distributions from their retirement plans, such as Individual Retirement Arrangements (IRAs), Section 401(k) plans, Section 403(b) plans, etc. (See related post) However, an important provision of the CARES […]

PPP Flexibility Act Signed Into Law

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On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) into law. The new legislation, which had bipartisan support and passed quickly through Congress, provides changes to provisions for loan forgiveness that are favorable to borrowers who received funds under the Paycheck Protection Program (PPP) created by the […]

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 […]