CARES Act Archives - Crawford Ellenbogen

Jan 21, 2021

Can your business benefit from the enhanced Employee Retention Tax Credit?

By Victor Dozzi
Business, Taxes
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COVID-19 has caused widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which was extended and enhanced in the latest law. Under the CARES Act, the credit only covered wages paid between March 13, 2020, and Dec. 31, 2020. The new law extends the covered

Sep 9, 2020

CARES Act made changes to excess business losses

By Victor Dozzi
Business
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The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about

Jun 16, 2020

The CARES Act liberalizes net operating losses

By Joan Ellenbogen
Business
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The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs) to provide businesses with relief from the novel coronavirus (COVID-19) crisis. It permanently eases the taxable income limitation on deductions. For tax years beginning before 2021, the CARES Act removes a taxable income limitation on deductions for prior-year NOLs carried

May 21, 2020

Business charitable contribution rules have changed under the CARES Act

By Victor Dozzi
Business
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In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has

Apr 7, 2020