Gain an understanding of the new CARES Act, tax benefits under the CARES Act, and how it affects you and your business.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law, as part of Congress' efforts to provide much needed stimulus to individuals and businesses adversely impacted by the coronavirus (COVID-19) pandemic. Many persons have not had the time to even read all of the legislation, much less consider the guidance that has been thereafter issued. Inherent in the ability to provide relief to individuals and businesses are the offering of tax benefits. By now, many individuals have been relieved to receive stimulus payments, while many businesses in economic distress have been able to apply and even receive PPP and EIDL loans. Some larger companies have sought to return loans, as well, under pressures that they were not the intended recipients of these loans. Whether or not businesses will be able to have the loans forgiven require careful analysis, mindful of additional constraints provided by the underwriting requirements of the SBA and financial institutions. Independent contractors sit in the middle of payroll questions and the CARES Act has led to numerous questions about how they are to be treated under the law. Numerous tax benefits are offered under the CARES Act, but the implications of these tax provisions remain to be seen. In this topic, we look to identify the open questions surrounding the tax benefits offered and when possible, provide what commentators are thinking are proper interpretations of some of the more vexing aspects of the CARES Act.
Agenda
Faculty
T. Scott Tufts, Esq.
CPLS, P.A.
- Senior Tax Counsel, CPLS, P.A. (d/b/a Private Corporate Counsel)
- Practice focuses on complex business, estate and trust and tax litigation
- Special emphasis on IRS forms that often lead to litigation
- Over 30 years of representation of taxpayers before the IRS and in litigating tax issues in the various courts
- Over 30 years of working with closely held partnership and other pass-through issues and impacts of the Schedule K-1
- Frequent speaker and host of Tufts on Tax podcast, discussing topics such as cryptocurrencies, corporate transparency, K-1s and IRS Form 8082, Form 1099-NEC, Form W-9, Form SS-8, as well as case law developments of interest
- Member of the Florida Bar; licensed in the states of Florida and North Carolina, and admitted to practice in various Federal courts, inclusive of the United States Tax Court and the Court of Federal Claims
- Board Certified in Tax Law, Florida Bar
- LL.M. degree in taxation, University of Miami School of Law; J.D. Degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University
- Can be contacted at [email protected] or (407-647-7887)
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