Stimulus and Tax Bill (CARES) Will Create Immediate Planning Opportunities: What Advisors Must Know

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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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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH's Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals. In the past 20 years, he has received over 250 favorable private letter rulings including several key rulings of ""first impression."" Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms. Mr. Keebler is the Chair of the AICPA's Advanced Estate Planning Conference. He is a featured columnist for CCH's Taxes Magazine - ""Family Tax Planning Forum,"" Bob is also a contributing author to the American Bar Association's The ABA Practical Guide to Estate Planning. Robert.Keebler@KeeblerandAssociates.com

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