The CARES Act allows taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020. The deferred amount is payable half on December 31, 2021, and half on December 31, 2022. Modification of net operating losses (NOLs) incurred in 2018, 2019 and 2020 Repeal...
Highlights of key provisions of the CARES Act which will impact both defined contribution (DC) and defined benefit contribution (DB) plans.
President Trump has signed the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act,” which includes several provisions that impact employers. These measures are largely aimed at stimulating the economy, and focus on assistance for small businesses, industries that have suffere...
The Paycheck Protection Program Flexibility Act, signed into law on June 5, 2020 contained the following requirements: Your deferral period, during which payments on your loan will be deferred, will commence on the date on which your PPP loan was funded and end on (i) the date on which the...
The CARES Act allows taxpayers to defer paying the employer portion of certain payroll taxes through the end of 2020. The deferred amount is payable half on December 31, 2021, and half on December 31, 2022. Modification of net operating losses (NOLs) incurred in 2018, 2019 and 2020 Repeal...
The CARES Act does not change the current rule relating to capital losses. Taxpayers may elect to irrevocably waive the entire 5-year carryback period with respect to an NOL. Such election must be made by the due date (including extensions) for filing the taxpayer’s return (i) for the ...
On March 27, 2020, the House of Representatives passed the CARES Act by voice vote. President Trump signed the bill into law that same day.
Plan sponsors may begin operating their plans in accordance with the CARES Act immediately. Plan sponsors will generally have until the end of the first plan year beginning on or after January 1, 2022 to amend their plans. EXPANDED UNEMPLOYMENT INSURANCE (UI) ...
On March 27, 2020, the United States President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
The CARES Act provides what Sen. Chuck Schumer (D-New York) called “unemployment compensation on steroids.” Unemployment has been extended from 26 weeks to 39, and anyone who is unemployed for reasons related to COVID-19 will receive an extra $600 in federally funded unemployment per week ...