Client Alert - COVID-19: CARES Act: Important Tax Code Changes
March 29, 2020
The attached is a high-level summary of the proposed tax changes to the Internal Revenue Code (the “Code”) contained the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” (H.R. 748) (the “Act”) which was passed by the Senate and is currently pending before the House of Representatives and to be signed by the President. Please note that this is being distributed for your convenience and for general informational purposes only. This summary is not (and is not intended to be) complete, omits various details and other pertinent information, and is qualified in its entirety by reference to the complete text of the Act. In addition, the Act as finally signed by the President may differ from the summary descriptions herein.
Please contact us should you need any assistance in navigating this new and complex business landscape.
The COVID-19 pandemic is creating rapidly-changing issues for businesses, and government aid processes and measures designed to assist businesses may also change materially from when this Client Alert is issued. We therefore encourage you to monitor our website, review our future Client Alerts and generally remain alert for additional updates or modifications to laws and regulations.