Tax relief contained in the CARES Act
Steven Schechter – Partner and Regional Tax Leader, Northern California, at Moss Adams, discusses the 2020 tax season with Thejo Kote CEO, Airbase. This extraordinary tax year has been marked by an extension of the filing deadline to July 15, and recent CARES Act legislation containing changes to income and payroll taxes.
Included in the Act are changes to the Employee Retention Credit, an extension of payment of Payroll Taxes, modifications to Net Operating Loss provisions, and more. In addition to the tax changes, the session will look at tax considerations for EIDL, SBA bridge loans, and PPP loans that many businesses are relying on for financing.
Tax planning for this year is essential to ensure that companies can take advantage of these new rules, especially now as important deadlines are fast approaching. Our expert will provide examples of ways that companies are being tax-efficient given the latest changes, and how the new laws interact with the extensive modifications resulting from the Tax Cuts and Jobs Act (2017-2018).
What you’ll learn.
- Tax relief for businesses contained in the CARES Act.
- Changes to Employee Retention Credit and how it impacts tax planning.
- What the extension to the Payroll Tax means for companies.
- Opportunities created with changes to Net Operating Loss rules.
- How Qualified Improvement Property has been expanded and who is impacted.
- The tax considerations for PPP and other SBA loans.
About the speakers.
Regional Tax Leader at Moss Adams LLP
Steve focuses on providing services around ASC 740 Accounting for Income Taxes and related pronouncements, the development of tax-effective international structures and joint ventures, and partnership planning and related income tax compliance. Before entering public accounting, he spent several years in finance and engineering positions with entrepreneurial software companies.
Tax Manager at Moss Adams
David primarily assists multinational companies in the technology and life sciences industries. His experience includes ASC 740 Accounting for Income Taxes, and federal, state, and international tax compliance. David also provides general tax planning for venture backed start-up, emerging growth, and publicly traded companies, and has successfully supported clients through IPOs and other exit strategies. David graduated from UCLA and has practiced public accounting since 2010.
CEO and Founder at Airbase
A seasoned entrepreneur, Thejo is the Founder and CEO of Airbase, the cloud-based spend management platform for growing companies. Prior to Airbase, Thejo co-founded Automatic which was acquired by SiriusXM in 2017.