IRS releases FAQs on provisions under COVID-19-related laws
IRS expands FAQs on COVID-19-related laws
The IRS has released two sets of “frequently asked questions” (FAQs) related to provisions under the "Families First Coronavirus Response Act" (FFCRA) and the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act).
One set of FAQs addresses the tax credits for required paid leave provided under the FFCRA—that is, tax credits that are available to businesses and tax-exempt organizations that have fewer than 500 employees, and are required under the FFCRA to pay “qualified sick leave wages” and/or “qualified family leave wages.” Read TaxNewsFlash
The other, updated FAQs address how taxpayers can file refund claims related to the net operating loss (NOL) carryback provisions of the CARES Act. These FAQs could be relevant for tax-exempt organizations with NOLs arising from unrelated trades or businesses in tax years beginning in 2018, 2019, and 2020, which are allowed to be carried back five years under the CARES Act.
The FAQs could also be relevant for tax-exempt corporations looking to accelerate the recovery of remaining minimum tax credits under the CARES Act.
- Read a KPMG report on the updated FAQs: TaxNewsFlash
- In addition, read a KPMG report on computing alternative tax NOL carrybacks to offset alternative minimum taxable income in tax years beginning before 2018: TaxNewsFlash
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Ruth Madrigal | +1 202 533 8817 | firstname.lastname@example.org
Preston Quesenberry | +1 202 533 3985 | email@example.com
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