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Doing Business in the United States: CARES Act updates

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Donald Trump on March 27, 2020, included significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 pandemic. Tax relief measures for businesses include a five-year net operating loss (NOL) carryback (including a related technical correction to the 2017 tax reform act), a change in Section 163(j) interest deduction limitations, accelerated AMT refunds, payroll tax relief, a temporary suspension of certain aviation excise taxes, a tax credit for employers who retain employees, and a ‘qualified improvement property’ technical correction to the 2017 tax reform act. Tax relief measures for individuals include ‘recovery rebate checks,’ special rules for the use of retirement accounts, and charitable giving provisions.

CARES Act provisions of particular interest to inbound companies are highlighted in the applicable sections in this guide.

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Christopher Kong

Christopher Kong

US inbound tax leader, PwC US

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