David S. Miller, Muhyung (Aaron) Lee, Kathleen Semanski, & Sean Webb (Proskauer): Summary of the Tax Provisions of the CARES Act

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:

  1. Recovery Checks
  2. 50% Employee Retention Credit for Employers Closed Due to Covid-19
  3. Small Business Loan Forgiveness Does Not Give Rise To Cancellation of Indebtedness Income
  4. Tax Treatment of Economic Stabilization Investments
  5. The CARES Act Does Not Repeal Downward Attribution
  6. NOLs; Excess Business Losses
  7. Increase the Section 163(j) Limitation on Business Interest Expense Deduction From 30% to 50%
  8. Filing and Payment Extensions
  9. Waiver of 10% Early Withdrawal Penalty for Distributions of Up to $100,000 From Retirement Funds for Affected Individuals
  10. $300 Above the Line Charitable Contribution Deduction; Relaxation of the Charitable Contribution Limitation
  11. Immediate Expensing of Costs Associated With Improving Qualified Improvement Property
  12. Acceleration of Alternative Minimum Tax (AMT) Credits
  13. 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..

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