On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide nearly $2 trillion of support to families and businesses during the COVID-19 pandemic. This was a massive bill with provisions that will affect nearly every part of the nation’s economy.
As with any new tax law, it will take time for tax professionals to understand the implications not to mention for the Treasury Department and other agencies to issue implementing regulations. That said, Congress clearly intends for the law to deliver significant economic support to businesses and individuals in rapid fashion.
We want to call your attention to some specific provisions that we believe have particular relevance for our advisors, depending on the focus of your practice. We expect that, as you review this material, you will be thinking about how various provisions may apply to the particular circumstances of your most important clients.
(This material is intended for advisor use only. It is believed to be accurate based on our current understanding of the recently passed CARES Act. Ash Brokerage does not provide tax or legal advice.)
So, what’s it all mean? That’s a good question. The short answer is that there are different implications for different situations. But you don’t have to navigate it alone. We’re here to help. Reach out to your Ash team with questions and concerns and we’ll help you work through them.
© 2018 Ash Brokerage LLC.