As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that was passed on March 27, 2020, important tax-related provisions were enacted into law relating to individuals, corporations, businesses, retirement plans, and nonprofits. In addition, the Internal Revenue Service (IRS) has issued relief measures regarding filing tax returns, payment of federal taxes, and IRS tax enforcement.
This GT alert summarizes the principal provisions and relief measures:
- Income and Payroll Tax Changes for Businesses
- Tax Changes for Individuals, Employee Benefits and Qualified Retirement Funds
- Postponement of Tax Return Filings and Tax Payments Due Dates
- IRS Tax Audit and Collections Relief
- Relevant Tax Provisions from the Nonprofit Perspective
Read the full GT Alert, ” U.S. Federal Tax Changes in Response to Coronavirus Disease 2019.”