Actionable insights to help you get the most from CARES Act tax relief efforts.
- The passage of the CARES Act brings much needed tax relief to individuals, families and businesses.
- Personal income tax provisions include financial relief measures, charitable giving incentives, and access to cash flow.
- Business tax provisions have been enacted to allow businesses to obtain liquidity and maintain working cash flow to retain and pay employees.
Beginning during the first quarter of 2020 and continuing into the second quarter, COVID-19 has wreaked havoc on the country’s health and health care systems, and this has significantly impacted the financial system. On Friday, March 27, 2020, President Trump signed the Coronavirus Aid, Relief, Economic and Security (CARES) Act to provide emergency assistance and health care response for individuals, families, and businesses affected by the COVID-19 pandemic. While the CARES Act provides many potential sources of relief, including loans for businesses impacted by the pandemic, the focus here is on the key personal and business tax provisions in the CARES Act, and how such measures can provide support to individuals, families, and businesses in the short term, as well as further down the road.
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