Stimulus and Tax Bill (CARES) Will Create Immediate Planning Opportunities: What Advisors Must Know
Early this morning Senator Mitch McConnell announced that there is a bipartisan deal on “CARES Act” which is designed to provide a series of tax incentives, credits and deduction to Americans and American businesses. The language is still being ironed out, and Senator McConnell indicated that the Senate would pass this legislation on March 25th which means that it could be sent to the House later today with possible signing by the President sometime on Thursday March 26th. Washington insiders close to the process have indicated that the bill includes the following provisions:
- $1,200 checks to many Americans plus $500/child that will be phased out based on income widely believed to be $75,000
- A $367 billion emergency loan program for small businesses
- A $425 billion fund for industries, cities and states with a prohibition on the funds beingn used for stock buy-backs
- $50B in aid to passenger airlines
- An additional $600 a week in unemployment insurance for four months in addition to what state unemployment insurance programs provide
- $150 billion for state and local stimulus funds
- $130 billion for hospitals and nursing homes.
Other provisions that may be included in the bill are the following:
- Employment Tax Credits to 100% Finance Sick Leave for Small Business
- Expansion of NOL Carrybacks and Carryforwards
- Waiver of 2020 RMDs from Qualified Retirment Plans
- Waiver of 2020 RMDs from IRAs
- Delayed Filing Dates for Some Returns and Not Others
- Delayed Payment Dates
- Retirement Plan and IRA Penalty-Free Distributions – with Repayment Plans over Several Years
- Retirement Plan Loan Expansion & Relief
- Delayed IRA and Plan Contribution Dates
- New Charitable Tax Breaks – Including an above-the-line deduction and Percentage Limitation Rollback
- Significantly Delay on the Payment of Employment Taxes
- 461(l) Excess Loss Limitation Relief
- Deductible Business Interest Expense Relief
- Recovery Rebates of up to $1,200 per Adult and $500 per Child
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