Month: May 2020

CARES Act Gives Bonus Depreciation to QIP

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a technical correction that assigns a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017. (Without the technical correction, a 39-year recovery period applied). Most post-2017 QIP retroactively qualifies for the bonus depreciation deduction. Any MACRS property with a recovery …

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PPP Loans for Independent Contractors and Sole Proprietors

Payments that businesses make to independent contractors and self-employed workers are not payroll expenses that qualify for Paycheck Protection Program (PPP) loans. However, independent contractors and sole proprietors themselves are small businesses that can qualify for the loans. PPP Loans Aim to Help Small Business Survive Coronavirus Pandemic The PPP is a Small Business Administration (SBA) program that …

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CARES Act – Required Minimum Distribution Waiver for 2020

For retirees, one of the beneficial features of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the waiver of required minimum distributions (RMDs) for 2020, even if you are unaffected by the coronavirus. Retirees can avoid liquidating assets at low prices and can mitigate frightening drops in their account balances. Retirees need to …

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Claim the Five-Year NOL Carryback Under the CARES Act

Taxpayers may now use a five-year carryback for net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020, compliments of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). In response, new IRS guidance: Extends the deadline for filing tentative refund claims for NOLs arising in 2018 tax years …

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Coronavirus-related Paid Leave for Workers and Tax Credits for SMBs

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage …

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