01 Apr CARES Act – Business Tax Relief
The CARES Act also provides assistance to businesses through the modification of rules related to net operating losses (“NOLs”), interest expense deductions, alternative minimum tax credits and trade or business losses of non-corporate taxpayers. Many of these modifications are designed to provide critical cash flow and liquidity to businesses during the COVID-19 emergency, including through amending prior tax returns to obtain tax refunds.
OUR BOTTOM LINE: What this means to you is that employers have several tools available to them to help with cash flow, claim tax refunds, or reduce upcoming tax payments. Eligibility is based on specific facts and circumstances. If we do you your tax returns, we will attempt to identify eligibility for you over the next several months. We will need some time to contact you about this.