Changes in the Law for 2020 because of Corona Virus
- posted: May 07, 2020
Persons with an Individual Retirement Account
- 10% penalty for early withdrawals—waived up to $100,000 for corona related distributions.
- 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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Call me, Joseph E. Deering, at 866.214.7267 or contact my firm online to schedule a consultation.