Federal tax provisions may help taxpayers impacted by economic downturn during COVID-19 crisis

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March 2020

Overview

The COVID-19 crisis has caused economic hardship for many taxpayers.  The federal government has provided initial relief and is considering additional tax and spending measures to aid businesses and individuals.  In the interim, taxpayers should be aware of tax provisions that may defer cash tax payments and accelerate cash flow in these economic conditions.

The takeaway

Taxpayers should be aware of the tax relief that currently is available to help alleviate the economic burden of the present emergency, and should watch for new legislation and administrative guidance providing additional tax relief.

Contact us

Christine Turgeon

Partner, Federal Tax Services Leader, PwC US

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