On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief 和 Economic Security Act (CARES) Act. 2美元.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—和 provides a variety of economic relief measures to mitigate the impact of the coronavirus p和emic on American society.
In addition to direct cash payments 和 extended lending 和 emergency financing options, the 关心行为 includes tax payment deferrals 和 tax breaks for individuals 和 businesses.
国税局已经允许 individual, trust, estate, partnership, 和 corporate tax filers to defer their federal income tax payments 和 provided an automatic extension of the federal income tax filing deadlines due on April 15, 2020, 至七月十五日, 2020. This relief applies to federal income tax payments (including self-employment taxes) for the 2019 tax year as well 2020 estimated income tax payments, 以及4月15日到期的联邦所得税申报表, 2020. This extension of payments 和 the filing deadline 至七月十五日, 2020 excludes the accrual of penalties 和 interest which do not begin to accrue until July 16, 2020.
个人
- 直接支付1美元,每位成人200美元，每位儿童500美元, 年收入超过75美元的个人将逐步取消,夫妇年收入超过150美元,000.
- 个人 making more than $99,000 和 couples making more than $198,000 will receive no payments.
- 个人 without income or who rely on government benefits as their sole source of income are automatically eligible for this benefit.
- No student loan payments will be required for individuals who hold Department of Education loans through September 30, 2020; no interest will accumulate, 在这段时间内，不会实施任何处罚.
- 个人 with COVID-19 who choose to withdraw up to $100,000 from an employer-sponsored retirement plan will not have to pay the 10% penalty tax; individuals may also take advantage of this benefit if their spouse is diagnosed with COVID-19. 另外, 虽然提款会被征税, taxes will be spread out over three years unless the individual rolls the funds back into the retirement account during that time period.
- Minimum distribution requirements have been waived for individual retirement accounts. 个人 may keep their retirement capital invested if that is their preference.
- Above-the-line charitable deduction of up to $300 for all taxpayers in 2020.
- Limitations for charitable contributions to public charities have been removed for 2020.
企业
- 企业 will not be required to pay their portion of payroll taxes incurred for the remainder of 2020 until 2021 和 2022.
- Self-employed individuals receive similar relief under the law.
- 50% of the deferred payroll taxes are due 12/31/2021 和 the remainder are due 12/31/22.
- Payroll tax credit for 50% of the wages paid by eligible employers to certain employees affected by COVID-19.
- 零售故障已修复. Certain real property improvements with 15-year depreciable lives are once again eligible for accelerated 和 or bonus depreciation.
- 5-year carryback is allowed of net operating losses (NOLs) incurred in 2018, 2019 和 2020.
- Relaxation of the 80% limitation rule for use of net operating losses imposed by the Tax Cuts 和 Jobs Act; losses incurred before January 1, 2021年可以完全抵消未来的收入.
- Corporate charitable contribution deduction limitation increased to 25% of AGI for the 2020 tax year.
It is possible that further legislation will be passed as it is already being discussed.
老葡京手机app will continue to provide breaking news to clients 和 friends of the firm as the COVID-19 situation develops, 和 we encourage you to keep an eye out for future alerts dedicated to the impact of the 关心行为 关于个人和企业税收.
我们希望你们在这前所未有的时刻都能保持安全.
理查德E. 莫里斯，注册会计师，MST
税务实务总监
委员,葡京会手机app下载 & 老葡京手机app(老葡京手机app).
委员,葡京会手机app下载 & 老葡京手机app(老葡京手机app) is a professional services firm delivering tax, accounting 和 business advisory expertise throughout the Mid-Atlantic region from offices in 马里兰州贝塞斯达 和 华盛顿特区.
