David S. Miller, Muhyung (Aaron) Lee, Kathleen Semanski, & Sean Webb (Proskauer) have made available for download their article, “Summary of the Tax Provisions of the CARES Act.” The Abstract is as follows:
This paper summarizes the tax provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The topics covered in the article are as follows:
- Recovery Checks
- 50% Employee Retention Credit for Employers Closed Due to Covid-19
- Small Business Loan Forgiveness Does Not Give Rise To Cancellation of Indebtedness Income
- Tax Treatment of Economic Stabilization Investments
- The CARES Act Does Not Repeal Downward Attribution
- NOLs; Excess Business Losses
- Increase the Section 163(j) Limitation on Business Interest Expense Deduction From 30% to 50%
- Filing and Payment Extensions
- Waiver of 10% Early Withdrawal Penalty for Distributions of Up to $100,000 From Retirement Funds for Affected Individuals
- $300 Above the Line Charitable Contribution Deduction; Relaxation of the Charitable Contribution Limitation
- Immediate Expensing of Costs Associated With Improving Qualified Improvement Property
- Acceleration of Alternative Minimum Tax (AMT) Credits
- Tax-Free Employer Repayment of Employee Student Loans
To download the full article, click here: Summary of the Tax Provisions of the CARES Act by David S. Miller, Muhyung (Aaron) Lee, Kathleen Semanski, Sean Webb
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.
