CARES Act Update
The CARES Act was signed by the President on March 27, 2020.
This legislation provides broad relief to the country in response to the COVID-19 pandemic and includes numerous individual and business relief provisions.
More information on the key provisions of the Act are here:
Individual Relief
Economic Impact Payments
IRS News Release regarding economic impact payments.
This release explains eligibility and income requirements, as well as the phase out ranges and provisions for dependents.
The income amounts in the Act refer to Adjusted Gross Income.
Your adjusted gross income can be found on your 2019 Form 1040, Line 8b, or your 2018 Form 1040, Line 7.
An online rebate calculator can be found here.
If you are not required to file a tax return, but qualify for an Economic Impact Payment, you can notify the IRS that you are eligible here.
No 10% penalty for coronavirus-related retirement plan distributions and RMD waiver
$300 above-the-line charitable deduction to incentivize charitable giving
Business Relief
Employee retention credit for employers
Delay of payment of employer payroll taxes
Forgivable Business Continuity Loans
This post will be updated as more information becomes available.
