The CARES Act also eases TCJA limits on net operating loss (NOL) carrybacks and interest deductions. These changes are unlikely to boost business investment but should improve cash flow, which will help some businesses weather the downturn. These measures are expected to cost $101 billion over the next two years, but just $40 billion over the 10-year budget window, since increased carrybacks of losses and current deductions for interest paid reduce future deductions when these items can be carried forward to future tax years.
The TCJA barred firms from using current losses to offset past profits, whereas prior law permitted firms to carry losses back to the prior two tax years. The CARES Act allows taxpayers to carry back losses incurred during 2018-2020 for five years. This is especially generous because it will allow corporations to amend returns and reduce taxable profits for pre-2018 tax years, when the corporate income tax rate was 35 percent, much higher than today’s 21 percent.
2. 1200纾困金相关 ● CARES法案授权了“天降美元，（居民）人人有份”。此项救助花费3010亿美元，目标就是把经济停下来数周，政府买单让人安心宅家里，不要惦记出门赚钱，以保障社交距离和居家令的顺利实施。 The goal of the $301 billion bailout is to bring the economy to a halt for a few weeks, with the government paying for the comfort of staying at home and not thinking about going out and making money to ensure social distance and stay-at-home policy. ● 单身年收入在7.5万美元，夫妻合并申报在15万美元以下者，每人可以直接获得补助$1,200美元。 17岁以下每人加500 美元 Singles with an annual income of $75,000 and couples with a combined income of $150,000 or less will each receive a direct subsidy of $1,200, plus $500 for each depend ● 截至六月初，美国政府已经支付了1.59亿的刺激经济支票，总额超过2670亿美元。 As of early June, the government had paid out 159 million in stimulus checks, or more than $267 billion.
● Tax credit ● IRS: the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs." 这笔1200的刺激经济支票不属于收入，纳税人不会因此欠税。这笔款项不会减少纳税人的退税，也不会增加他们在明年提交2020年纳税申报表时所欠的金额。
3. UI/PUA/PEUC税务相关 ● 算入收入，所以需要报税（taxable income） According to the IRS, unemployment benefits are taxable income. This means that any unemployment compensation that you receive from a state or the federal government must be included in your income and will be taxed at your ordinary income tax rate. By January 31, you will receive a Form 1099-G (Certain Government Payments) from the state that paid you unemployment benefits. This tax form shows the amount of unemployment benefits you received and the amount of taxes withheld. If you live in a state with no state income tax (such as Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming), then you may not owe any state income tax on your unemployment benefits. However, you still may owe federal income tax.
4. PPP相关 ● 属于免税资金 ● 用PPP支付的expense明年不会抵税 The CARES Act spells out that the forgiven loan amount won’t be included in taxable income. That means you don’t pay taxes on the money that you receive. The aim of this loan is to provide businesses with the money to keep running and continue paying employees, not to create a tax burden for businesses receiving the funds. The loan forgiven is not included in the enterprise's taxable income, so the fee paid with the loan forgiven is not a tax deduction 《关爱法案》明确规定，免除的贷款金额不计入应纳税所得额。这意味着你不用为你收到的钱缴税。这笔贷款的目的是为企业提供资金，使其能够继续经营并继续支付员工工资，而不是为获得资金的企业造成税收负担。 免除的贷款不包括在企业的应纳税所得额中，那么用免除贷款支付的费用就不能作为税收扣除额。
● There are several ways to pay taxes on unemployment, including: 有几种方法可以支付失业税，包括： ○ Have taxes automatically withheld 自动扣缴税款 ○ Make estimated tax payments 预估纳税额 ○ Pay income taxes when you file your tax return 提交纳税申报表时缴纳所得税
Taxes Withheld: You can file a Form W-4V (Voluntary Withholding Request) to have federal and state (if applicable) income taxes withheld automatically from your unemployment benefits—just like a paycheck. ● Advantage: You can pay income taxes upfront, so you won’t owe a relatively large tax bill when you file income taxes. ● Disadvantage: By paying income taxes upfront, you will receive fewer unemployment benefits, which can mean less income to pay living expenses while you are unemployed.
Estimated Payments: You pay quarterly income tax payments every three months on the amount of unemployment benefits that you received. ● Advantage: You can pay income taxes as you receive unemployment benefits, so you won’t owe income taxes on your unemployment benefits when you file an income tax return. ● Disadvantage: You have to make payments every three months. You also may not calculate the quarterly payments properly—you may either pay too much (meaning you may have to wait for a refund) or pay too little (meaning you may owe a penalty).
Pay Later: You pay any income taxes owed when you file your next income tax return. ● Advantage: You can conserve money now to pay for living expenses. ● Disadvantage: You may owe a relatively large income tax bill at once, and you may not have the money if you already spent it.
While this is a frustrating (and expensive) update to the loan program, it may not be the final decision. Rules are still being written and plenty of people are unhappy that the IRS has taken a position that would negatively impact businesses that are struggling.The American Institute of Certified Public Accountants (AICPA) is challenging the IRS decision that these expenses aren’t deductible, saying that this goes against Congress’s intent when they created the PPP.There is also a potential update to the law that could be passed. The recent stimulus proposal, the HEROES Act, reverses the decision that these expenses can’t be deductible. While the HEROES Act is still just a proposal and hasn’t been signed into law, it’s clear that some lawmakers want to change the tax treatment of forgiven PPP loans.
There is a chance things could change in the future, but for now, it’s a good idea to assume that you won’t be able to deduct these expenses and you may have a higher tax bill as a result
5. Tax holiday ● The date for individuals and companies to file and pay taxes was extended from 4.15 to 7.15. 个人和公司报税和付税的日期从4.15延期到7.15，有消息会延迟到9月15但被否决了 ● The IRS announced that savers now have until July 15 to make 2019 contributions into their individual retirement accounts and their health savings accounts, which are typically paired with a high-deductible health plan. 美国国税局宣布，2019年度个人退休账户及健康储蓄账户供款截止日期已延长至2020年7月15日。 ● Liberalized rules for deducting net operating losses扣除营业净亏损的规则更自由化 Business activities that generate tax losses can cause you or your business entity to have a net operating loss (NOL) for the year. The CARES Act significantly liberalizes the NOL deduction rules and allows NOLs that arise in 2018-2020 to be carried back five years. So, an NOL that arises this year can be carried back to 2015. An NOL that arose in 2018 can be carried back to 2013. Such NOL carry-backs allow you to claim refunds for taxes paid in the carry-back years. Because tax rates were higher in pre-2018 years, NOLs carried back to those years can result in hefty tax refunds. 《关爱法案》大幅放宽了NOL扣除规则，并允许2018-2020年出现的NOL追溯到五年前。因此，今年出现的NOL可以追溯到2015年。2018年出现的NOL可以追溯到2013年。这样的NOL结转允许您申请在结转年内支付的税款的退款。由于2018年前的税率较高，因此追溯到这些年份的NOL可能会导致巨额退税。
● What President Trump has proposed is a payroll tax holiday or permanent reduction to Social Security's 12.4% payroll tax.特朗普总统提出的是工资税免税期或永久性降低社保12.4%的工资税。
Why reduce payroll taxes? To begin with, providing a payroll tax holiday or permanent payroll tax cut means not having to parse out trillions of dollars in aid via a stimulus bill. In addition, it puts more money into the pockets of working Americans over a longer period of time. Rather than handing a $1,200 check to the average working American, they would instead receive larger paychecks. Lastly, it gives people incentive to work, since they'd be able to keep more of what they earn. 为什么要降低工资税？首先，提供工资税免税期或永久性的工资税削减意味着不必通过刺激法案拿出数万亿美元的援助。此外，在更长的时间内，它会将更多的钱投入到有工作的美国人的口袋里。他们不用再发1200美元的支票了，因为美国工人反而会得到更高的薪水。最后，它给了人们工作的动力，因为他们可以保留更多的收入。
6. ERTC (employee retention tax credit ) ● What is the Employee Retention Credit?雇员保留抵免是什么？ The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. 雇员保留抵免是雇主可全额退还的税收抵免，相当于合格的雇主付给雇员的工资（包括可分配的合格健康计划费用）的50%。适用于2020年3月12日之后至2021年1月1日支付的合格工资。每个雇员的合格工资最高限额为10000美元，因此，合格雇主支付给任何雇员的合格工资的最高抵免额为5000美元。
Example 1: Employer M pays $10,000 in qualified wages to Employee A in the second quarter of 2020. The Employee Retention Credit available to Employer M for the qualified wages paid to Employee A is $5,000. 例1：雇主M在2020年第二季度向雇员A支付1万美元的工资。雇主M为支付给雇员A的工资提供的ERTC为5000美元。
Example 2: Employer N pays $8,000 in qualified wages to Employee B in the second quarter 2020 and $8,000 in qualified wages in the third quarter 2020. The credit available to Employer N for the qualified wages paid to Employee B is equal to $4,000 in the second quarter and $1,000 in the third quarter due to the overall limit of 50 percent of $10,000 of qualified wages per employee for all calendar quarters. 例2：雇主N在2020年第二季度向雇员B支付8000美元的工资，在2020年第三季度支付8000美元的工资。雇主N向雇员B支付的工资的抵免额在第二季度等于4000美元，在第三季度等于1000美元，这是因为限额是所有季度每位雇员的工资总额为10000美元的50%。
● Who is an Eligible Employer? 哪些是合格雇主？ Are employers that carry on a trade or business during calendar year 2020, including tax-exempt organizations, that either: ○ Fully or partially suspend operation during any calendar quarter in 2020 due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings (for commercial, social, religious, or other purposes) due to COVID-19; or 在2020年内，由于COVID-19受到相关政府当局限制商业、旅行或团体会议（用于商业、社会、宗教或其他目的）的命令，完全或部分暂停运营，或
○ Experience a significant decline in gross receipts during the calendar quarter.总收入大幅下降
● Against what employment taxes does the Employee Retention Credit apply? ERTC适用于什么样的税? 雇主应缴纳的社会保障税以及铁路雇主征收的与社会保障税相对应的部分税款允许抵免。 ● What makes the Employee Retention Credit “fully refundable”? 为什么ERTC完全可退还的 The credit is fully refundable because the Eligible Employer may get a refund if the amount of the credit is more than certain federal employment taxes the Eligible Employer owes. That is, if for any calendar quarter the amount of the credit the Eligible Employer is entitled to exceeds the employer’s share of the social security tax on all wages (or on all compensation for employers subject to RRTA) paid to all employees, then the excess is treated as an overpayment and refunded to the employer under sections 6402(a) and 6413(a) of the Internal Revenue Code (the “Code”). Consistent with its treatment as an overpayment, the excess will be applied to offset any remaining tax liability on the employment tax return and the amount of any remaining excess will be reflected as an overpayment on the return. Like other overpayments of federal taxes, the overpayment will be subject to offset under section 6402(a) of the Code prior to being refunded to the employer. 该项抵免是完全可退还的，因为如果符合条件的雇主所欠的某些联邦雇佣税超过该项抵免额，则符合条件的雇主可获得退款。也就是说，如果在任何季度，雇主获得的抵免金额超过雇主在支付给所有雇员的社会保障税中所占的份额，则超出部分被视为超额支付。超额部分将用于抵消就业税申报表上的任何剩余纳税义务，任何剩余超额的金额将在纳税申报表上反映为超额支付。与联邦税的其他超额支付一样，超额支付将在退还给雇主之前进行抵消。
● Are self-employed individuals eligible for the Employee Retention Credit? 个体经营者是否有资格获得雇员保留金
Self-employed individuals are not eligible for the Employee Retention Credit with respect to their own self-employment earnings. However, a self-employed individual who employs individuals in its trade or business and who otherwise meets the requirements to be an Eligible Employer may be eligible for the Employee Retention Credit with respect to qualified wages paid to the employees.
● May an Eligible Employer receive both the Employee Retention Credit and a Paycheck Protection Program (PPP) loan that is authorized under the CARES Act?雇主是否可以同时获得《关爱法案》授权的ERTC和工资保护计划（PPP）贷款？ No. An Eligible Employer may not receive the Employee Retention Credit if the Eligible Employer receives a PPP loan that is authorized under the CARES Act. An Eligible Employer that receives a PPP loan should not claim Employee Retention Credits.
7. FICA TAX ● Deferral of Employment Social security tax 雇主可以推迟缴纳雇主应缴纳的社会保障税
Employers can defer the deposit and payment of the employer’s share of Social Security taxes (not Medicare taxes) under Section 2302 of the CARES Act. The deferral applies to deposits and payments required between March 27, 2020 through December 31, 2020. Draft Form 941 for the second quarter will reflect the relief. 延期适用于2020年3月27日至2020年12月31日期间所需的付款。
When are the taxes due? 什么时候需要交齐这些税？
(1) December 31, 2021 for 50% of the deferred amount,
延期金额的一半必须在21年12月31日前付清
and (2) December 31, 2022 for the remaining amount.
剩下的一半必须在12月31日前付清。
This permits employers to use these funds for other purposes until the extended due date is reached, with no interest or penalties for the delay in payment.
This legislation also applies to the corresponding portion of self-employment taxes.
Keep in mind that the delay of payments is optional.
8. Paid Sick Leave Credit (FFCRA：Families First Coronavirus Response Act ) As most employers already know, the FFCRA requires most small and midsize employers to provide limited paid leave for employees who can’t work due to the COVID-19 pandemic. Less well-known, perhaps, is that the Act also includes dollar-for-dollar tax credits available the businesses required to comply.
● Employer Eligibility 符合条件的雇主 The FFCRA’s requirements and tax credits apply to most businesses with fewer than 500 employees. Small businesses with fewer than 50 employees, however, are eligible for an exemption from the childcare portion of the Act’s requirements (described below) if the expense would pose a demonstrable threat to the business’s ability to stay viable. 适用于雇员少于500人的大多数企业
Credits for Required Paid Leave The Act provides affected businesses with a 100% credit per employee for up to 10 days of paid sick leave related to COVID-19. If the employee is quarantined, has the virus, or shows symptoms of having the virus and is actively seeking a diagnosis, the business pays the employee’s regular wages for up to two weeks (80 hours) of paid sick leave. The tax credit reimburses this expense in full for up to $511 a day (up to $5,110 if the employee takes the full 10 days).
If the employee takes leave to care for someone else under similar COVID-19 related circumstances (quarantine, childcare in light of school closures, etc.), the tax credit covers two-thirds of the employee’s regular pay for up to 10 days (capped at $200 a day or $2,000 for the full 10 days).
An additional credit for child care is also available at two-thirds of the employee’s regular rate of pay (and beyond the two weeks of sick leave mentioned above). This credit applies to up to 10 weeks of additional leave taken under qualifying circumstances, and it caps at $200 a day or $10,000 if the employee takes leave for the full 10 weeks.
To promptly cover your costs for the paid leave requirements of the FFCRA, you’re allowed to retain the money for the paid leave from payroll taxes you would have deposited with the IRS (including federal income taxes and both your and your employee’s share of Social Security and Medicare taxes).If it turns out that the payroll taxes you would have paid don’t cover the full cost of the paid leave you provided, you can request an accelerated refund from the IRS.为了及时支付FFCRA规定的带薪休假费用，您可以保留您本应存入国税局的工资税中的带薪休假费用（包括联邦所得税以及你和你的雇员的社会保障税和医疗保险税）。
如果你支付的工资税不能支付你提供的带薪假期的全部费用，你可以向国税局申请加速退款。
9. Child Care Leave Credit （FFCRA） The Child Care Leave Credit is a provision included in the FFCRA. This refundable tax credit is available to employers who offer paid sick leave to employees who can’t work or telework because they need to care for a child who’s school or childcare facility is closed due to the coronavirus. This exists in addition to the Paid Sick Leave Credit, which provides similar relief for employers who have employees that are quarantined or self-quarantined for coronavirus or who have coronavirus symptoms and are seeking a medical diagnosis. 儿童照顾税收抵免是FFCRA中的一项规定。这项可退还的税收抵免适用于雇主，因为雇主需要支付那些需要照顾因冠状病毒而关闭学校或托儿所的儿童而不能工作的雇员带薪病假。这是在带薪病假税收抵免之外存在的，两者并不相互抵消。
The Child Care Leave Credit is worth two-thirds of an employee’s regular pay for up to 10 weeks. The credit is capped at $200 per employee, per day and is available for up to $10,000 in aggregate. Certain eligible employers can also claim an additional credit that’s based on the healthcare coverage maintenance costs for an employee during their time on leave.
Child Care Leave Credit相当于员工正常工资的三分之二。这项优惠在符合条件的情况下最多可额外休假10周，最高限额为每位员工每天200美元，最多10周，上限为一万美元。
To be clear, this credit is claimed by the business itself to offeset the cost of paid leave they provide to an employee. Note that employers can also claim a prorated credit for part-time employees, with it equaling their average number of working hours over a two-week period.
In fact, employers can take the amount of the credit and offset it against the typical share of employee payroll taxes that they would typically pay. 由于流动性是全国企业日益关注的问题，政府将FFCRA中的许多税收抵免安排为可退还的抵免。这意味着育儿抵免不仅仅是企业在纳税后可以申请的。事实上，雇主们可以从他们通常要支付的雇员工资税中扣除这个税收抵免。
10. Borrow $100,000 from your IRA and pay it back three years later with no tax consequence 从你的个人退休帐户借10万美元，三年后还清，不会产生任何税务后果
In effect, the CVD（Coronavirus-related distributions） drill allows you to borrow up to $100,000 from your IRA(s) and recontribute (repay) the amount(s) any time up to three years later with no federal income tax consequences. And there are no limitations on what you can use CVD funds for during the three-year period. If you’re cash-strapped, you can use the money to pay the bills and recontribute later when your financial situation has improved. You can help your adult kids out. You can pay down your HELOC. You can invest the money in the stock market and hope to collect low-taxed long-term gains. Whatever.. 那些受到冠状病毒大流行不利影响的人将有资格从他们的ira中最高借十万美金，并在三年后的任何时候重新偿还该金额，而不会产生联邦所得税后果。而且，在三年期内，您可以使用这笔资金的用途没有任何限制。如果你手头拮据，你可以用这些钱来付账，等你的经济状况好转后再捐款。你可以帮助你的成年孩子。你可以付你的直升机费用。你可以把钱投资到股票市场，并希望获得低税率的长期收益。无论什么。
