Stimulus and Tax Bill (CARES) Creates Immediate Planning Opportunities: What Advisors Must Know Now to Help Clients Protect/Save their Business.
Early Thursday morning the $2.2 Trillion “CARES Act” which is designed to provide loans and loan forgiveness, tax incentives, credits and deductions to Americans and American businesses passed the Senate with a vote of 96-0. The bill will inject $2 trillion into the American economy, and includes a range of tax rebates, expanded unemployment benefits and a variety of business tax-relief provisions designed to bolster individual, family and business finances.
To make sense of it all, join Bob Keebler in his exclusive LISI Webinar where he reviews the following points:
- A massive emergency SBA nonrecourse loan program for small businesses with generous forgiveness provisions.
- Income Tax-Free SBA loan forgiveness along with key tax Incentives designed to stimulate the U.S. economy
- Deferral of the Employer side of Social Security Taxes Until 2021 and 2022
- $1,200 checks to many Americans plus $500/child that will be phased out based on income widely believed to be $75,000
- Employment Tax Credits to 100% Finance Sick Leave for Small Business
- Expansion of NOL Carrybacks and Carryforwards
- Waiver of 2020 RMDs from Qualified Retirement 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
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