COVID-19 crisis – How amending previous years’ tax returns can possibly free up cash
Abstract: For many manufacturers, 2020 has been a year like no other due to the novel coronavirus (COVID-19) pandemic, and cash flow is a major issue. The Coronavirus Aid, Relief, and. Economic Security (CARES) Act retroactively modifies certain business-related provisions of the Tax Cuts and Jobs Act (TCJA) in ways that can help provide quick liquidity. This article reviews these changes and what manufacturers need to do to take advantage of them. A sidebar covers how the CARES Act affects real estate qualified improvement property (QIP).