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ARTICLE · 07 APRIL 2020

COVID-19: Latest Tax Law Developments

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The CARES Act defers the due date for the employer portion of Social Security taxes for calendar year 2020 for most employers.

United StatesTax
Matthew Schnall
Matthew Schnall
Fred J. Adam
Fred J. Adam
Amy A. Null
Amy A. Null
Kimberly Wethly
Kimberly Wethly
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Alan K. Gill
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Since our last alert, Congress has passed the CARES Act stimulus legislation, and the Internal Revenue Service ("IRS") has released further guidance on tax deadline postponements, issued a nationwide evacuation notice, and announced dramatic changes to its enforcement practices for the next several months. This alert summarizes the following key federal tax developments:

  • CARES Act tax provisions for employers, including deferred employment taxes; wage credits for employers experiencing a COVID-19-related closure; and special rules for retirement plan distributions and student loan assistance to employees.
  • Other business-focused tax provisions, including increased deductibility (and a potential 5-year carryback) of losses; relaxation of the IRC Section 163(j) limitation on business interest expense; expensing of qualified improvement property; and accelerated recovery of AMT credits.

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