The following is a brief summary of recent tax related regulatory and legislative developments related to the COVID-19 pandemic, as of April 3, 2020. Federal and state guidance and guidelines are being modified constantly, and so any of the information below may be subject to change.
Tax Filing and Compliance Modifications
The federal government and various state governments have modified filing and payment deadlines with respect to 2019 tax returns.
Tax Provisions in the Coronavirus Aid Relief and Economic Security Act (“CARES” or the “Act”)
On Friday March 27, the President signed into law the Coronavirus Aid Relief and Economic Security Act. The Act contains a number of provisions designed to provide relief to individuals and businesses. Among those provisions, key tax related ones include the following:
Other Federal Relief –