The CARES Act offers tax relief for businesses

Description

Abstract: When it was signed into law in late March, the Coronavirus Aid, Relief and Economic Security (CARES) Act was the largest stimulus package in U.S. history. The law contains numerous provisions designed to help mitigate the economic impact of the novel coronavirus (COVID-19) pandemic, including welcome tax relief for businesses that is potentially relevant for all of 2020 and, in some cases, for past or future years, too. This article reviews the CARES Act’s provisions on net operating losses, business interest deductions and qualified investment property. A brief sidebar highlights payroll tax deferral and employee retention credit under the CARES Act.