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  • Changes in the Law for 2020 because of Corona Virus

Changes in the Law for 2020 because of Corona Virus

Persons with an Individual Retirement Account

  • 10% penalty for early withdrawals—waived up to $100,000 for corona related distributions.

Business Owners

  • Payroll Tax Deferral—from the date of the CARES Act is signed into law until the end of December 2020.
  • Employee Retention Credit—employers will get a credit of 50% qualified wages.
  • Operating Losses—five year carryback of net operating losses for businesses.

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