The CARES Act contains a number of provisions impacting businesses. This chart is meant to highlight the tax modifications and provide some potential planning ideas.
CARES Act Tax Changes
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Covid-19
IRS Provides Additional Tax Deadline Relief
The Internal Revenue Service (IRS) released Notice 2020-23, announcing their extension of many additional key tax deadlines for both businesses and individuals.
CARES Act Guide: Loans
We’ve created a guide comparing CARES Act Emergency Injury Distaster vs. Paycheck Protection Program loans.
GASB Calls for Accounting Standards Postponement
On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of certain accounting and financial reporting requirements set to go into effect soon.
Paycheck Protection Program Loans 25 FAQs
Small businesses may apply for a forgivable loan under the CARES Act. The funding from the federal government for these loans is limited.
Updated Guidance on Payroll Tax Deferral
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, allows for a payroll tax deferral of the employer share of Social Security tax that would otherwise be due from March 27 until December 31, 2020. Initially, this deferral was not available to those businesses taking advantage of the Paycheck Protection Program (PPP) Loans.