by Brian Hare, CPA, CGMA | Jun 30, 2020 | COVID-19
The extended 2019 business tax return deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The...
by Brian Hare, CPA, CGMA | Apr 13, 2020 | COVID-19
Under the CARES Act, firms may take net operating losses (NOLs) earned in 2018, 2019, or 2020 and carry back those losses five years. The NOL limit of 80 percent of taxable income is also suspended, so firms may use NOLs they have to fully offset their taxable income...
