WYCOTAX Presents: 5 IRS Emergency Business Funds under the CARES Act
Two COVID-19 legislations gave generous tax incentives for employers through payroll tax and business losses. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed on March 27, 2020, it was a supplement to Families First Coronavirus Response Act (FFCRA), signed March 18, 2020. The following emergency funds include:
The August 19, 2020 Seminar will cover New Net Operating Loss (NOLs) under CARES Act
Under CARES Act, Net Operationg Loss (NOL)from year 2018, 2019, and 2020 can be carried back up to 5-years. This permits for an immediate claim for refund for businessess who had taxable income during the carryback time period.