The CARES Act includes a technical correction to fix this drafting error. Hotels, restaurants and retailers that have made qualified improvements during the past two years can claim an immediate tax refund for the bonus depreciation they missed. They also can claim bonus depreciation going forward,...
The CARES Act extinguishes the fixed-dollar limitation on business losses. The change is retroactive to January 1, 2018. As a result, a taxpayer who was limited in claiming a business loss in 2018 or 2019 may file an amended return for those years to claim a refund. Changes to the Intere...
Relief, and Economic Security Act(“CARES Act”), commonly known as “Phase Three” of coronavirus economic relief. The CARES Act provides much needed stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. On March ...
• Whether the buyer should get the tax refund attributable to the carryback of the pre-closing NOLs? • If a loan to a target company made prior to closing is forgivable, whether the buyer has the obligation to obtain the forgiveness? What happens if the seller did not pr...
The rollover of the entire distribution (including withheld taxes) allows the participant to secure a refund of those previously paid taxes on his/her Form 1040. Accordingly, the inference in the CARES Act is that a participant who takes a COVID Distribution will eventually – over a...