Additional Tax Relief Under the CARES ACT

What other tax relief options are available?   
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• Employee Retention Tax Credit.  Described here.  
  
  
• Qualified Improvement Property (QIP).  Businesses now have the ability to write off costs for improved facilities immediately – rather than 39 years – and the QIP fix is retroactive, so many entities that made these improvements in 2018 and 2019 will now be able to amend their tax returns. o Tax professionals can help you determine if you should amend your 2018 and 2019 tax returns to obtain money back from the government now. 
  
  
•  Modifications for Net Operating Losses (NOLs).  The Act relaxes limitations on a company’s use of losses from prior years. This provision provides that a loss from 2018, 2019, or 2020 can be carried back five years.
  
  
• ​ Delay of Employer Payroll Taxes. Employers can delay payment of the employer share of payroll taxes via the Social Security program. The deferred employment tax be paid over the following two years, with half of the amount required to be paid by December 31, 2021 and the other half by December 31, 2022.  NOTE:  Deferral is not provide to employers receiving assistance through the Paycheck Protection Program.