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Tax Implications as a Result of COVID-19

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*Webinar description subject to change depending on continuing developments with legislation*

Last week, Congress passed (and President Trump signed) the CARES Act, a $2.2 trillion bill aimed at combatting and providing relief for the COVID-19 pandemic. In addition, the U.S. Treasury, the IRS and other government agencies have recently announced relief in the form of time extensions to file income tax returns or pay 2019 income tax liabilities, provide capital to impacted businesses and more. 

Mike Devereux, partner and director of plastics industry services with Mueller Prost, will provide association members with the most up-to-date information impacting tax filings and other relief that may be available as a result of this pandemic. 

The following areas that will be addressed include: 

  • Extension of time to file and make tax payments (due now on July 15, 2020)
  • Legislation aimed at easing tax burdens of the manufacturing sector
  • Other IRS guidance on filing of returns, etc. 
  • Other resources available to taxpayers (ex. SBA loans)
  • Other tax-related items included in the CARES Act that impacts manufacturers, including:
    • 2020 Recovery Rebates
    • Employee retention credits
    • Employer FICA Deferral
    • Net operating and business loss relief
    • Modifications of business interest expense limitations, and
    • Technical amendments related to qualified improvement property

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