As many Americans are forced to stay home to help stop the spread of the coronavirus (COVID-19), businesses are losing revenue and having to lay off employees. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes provisions to help businesses survive, including a new employee retention tax credit; deferral of the employer portion of payments of certain payroll taxes; a modification of the net operating loss rules by providing a five-year carryback and temporarily removing the 80% limitation for carryforwards; changes to the business interest deduction; and an expansion of the ways the Small Business Administration can help small businesses. Call or visit our website for more information! www.mjscpa.com/
