AUT2008. Tax Update: What we have learned from COVID-19 Inspired Legislation

Tax Update: What we have learned from COVID-19 Inspired Legislation

(CARES Act, FFCRA, Payroll Tax Deferral, PPP, and more)

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the Families First Corona Virus Response Act included a number of provisions that impact dealerships and their owners. Some of these impacts were felt immediately and others will have a delayed effect to be considered during planning for 2020 tax compliance. We will cover the following topics:

• Paycheck Protection Program
• FFCRA Employer Tax Credits
• Employee Retention Credit
• Employer Payroll Tax Deferral
• Technical Correction to QIP
• NOL Carryback Period Expansion
• Increase in 163(j) limitation
• Changes to Business Loss Limitation
• Charitable Contribution Deduction Changes for 2020