On May 6th, the IRS updated its FAQs related to the Economic Impact Payments, found at the Economic Impact Payment Information Center, to clarify that deceased individuals do not qualify for the payments. The FAQs also indicate that individuals who are incarcerated do not qualify for the payment, a limitation that is not found in the […]
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FAQs: CARES Act Impacts On Net Operating Losses
On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act), a $2 trillion stimulus package intended to help mitigate the economic devastation caused by the coronavirus. The CARES Act includes changes to the tax treatment of business net operating losses (NOLs) for corporations and […]
Read moreUpdate: Paycheck Protection Program
The SBA established The Paycheck Protection Program (PPP) to provide funds to small businesses that have been negatively affected by the Coronavirus pandemic. Small businesses must meet certain criteria, as the loans are granted for uses such as rent, utilities, mortgage interest and payroll costs, and may be forgiven if they are used in accordance […]
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