CARES Act provides tax relief to individuals; IRS extends certain filing deadlines
March 2020
Overview
Enacted March 27, the Coronavirus Aid, Relief, and Economic Security ACT (CARES Act or Act) provides tax relief to individuals and businesses affected by the coronavirus pandemic. In addition to providing recovery rebates to many individuals, the Act liberalizes access to retirement funds, increases limitations on cash contributions to public charities, and modifies certain limitations on business loss and business interest deductions. The IRS has extended certain tax return filing and payment due dates.
The takeaway
Individuals should consider the impact that the above provisions will have on the calculation of their tax liabilities and thus their required tax payments ‒ whether any elections need to be made or may provide planning opportunities, such as making additional contributions to public charities, carrying back net operating losses, or amending 2018 tax returns.
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