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Key Questions and Answers about Income Tax Accounting Considerations for the CARES Act
Posted by Chrissy Hammond on Mon, Apr 27, 2020 @ 12:36 PM

On March 27, 2020 President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Some portions of the CARES Act will affect the accounting for income taxes, however some items will not. For example, if a company applies for a small business loan to be used to fund payroll for employees, this loan, and the subsequent forgiveness of the loan may be accounted for as a government grant and do not have an impact on the income tax accounting.

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Topics: income tax accounting, NOLs, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, alternative minimum tax

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