Abstract: This brief article recaps some key
provisions of the first wave of federal COVID-19 relief legislation.
Federal financial
and tax relief addresses the coronavirus crisis
In response to the
coronavirus (COVID-19) pandemic, major relief legislation has been signed into
law and the IRS has also issued relief. Here’s a quick summary of some key
provisions as of this writing:
IRS Notice 2020-18. This
postpones
the April 15 income tax filing and payment deadlines and the April 15 estimated
income tax payment deadline to July 15.
The Families First
Coronavirus Response Act. For employers with fewer than 500 employees, this law
requires up to 80 hours of paid sick leave and expanded family and medical
leave, most of which also must be paid, for employees taking time off for
certain COVID-19-related reasons. To offset employer costs, it includes a tax
credit for such leave.
The Coronavirus
Aid, Relief, and Economic Security Act (CARES Act). A few examples of
relief included in this $2.2 trillion package are cash payments to individual
taxpayers, penalty-free retirement plan withdrawals and loosened rules on the
tax treatment of certain business losses.