Category Archives: Government

IRS provides Guidance under the CARES Act to Taxpayers with Net Operating Losses

IR-2020-67, IRS provides guidance under the CARES Act to taxpayers with net operating losses Revenue Procedure 2020-24 provides guidance under section 172(b)(1) and section 172(b)(3), as amended by the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act). Section 2303 of the CARES Act amended section 172 to require taxpayers with net operating […]

CARES Act Specific for Nonprofits

CARES Act Approved by Senate Pending House Approval and President Signature Contains Massive Relief and Stimulus Provisions for Nonprofits By Mike Batts, CPA March 27, 2020 On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act – legislation that would provide an unprecedented and massive array of […]

CARES Act Small Business Loan

CARES Act Small Business Loan - COVID-19 Relief - OCCC

March 27, 2020; 2:50 PM  County Executive Steve Neuhaus directed the County Attorney’s office to immediately prepare a summary of the newly passed Federal legislation which provides assistance to business and share the same with the Chamber of Commerce.    Below is the County’s immediate summary. It is not intended as legal advice but rather a summary […]

$1,200 cash payments, help for businesses: Here’s what’s in the historic stimulus package for coronavirus

By Maureen Groppe / Ledyard King / USA TODAY WASHINGTON – The Senate approved a massive stimulus bill to help families and businesses hurt by the coronavirus epidemic on Wednesday. The bill now moves to the House, which is expected to vote on the measure Friday morning and then send it to President Donald Trump for his […]