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Tax Benefits and Implications of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

 

Gain an understanding of the new CARES Act, tax benefits under the CARES Act, and how it affects you and your business.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law, as part of Congress' efforts to provide much needed stimulus to individuals and businesses adversely impacted by the coronavirus (COVID-19) pandemic. Many persons have not had the time to even read all of the legislation, much less consider the guidance that has been thereafter issued. Inherent in the ability to provide relief to individuals and businesses are the offering of tax benefits. By now, many individuals have been relieved to receive stimulus payments, while many businesses in economic distress have been able to apply and even receive PPP and EIDL loans. Some larger companies have sought to return loans, as well, under pressures that they were not the intended recipients of these loans. Whether or not businesses will be able to have the loans forgiven require careful analysis, mindful of additional constraints provided by the underwriting requirements of the SBA and financial institutions. Independent contractors sit in the middle of payroll questions and the CARES Act has led to numerous questions about how they are to be treated under the law. Numerous tax benefits are offered under the CARES Act, but the implications of these tax provisions remain to be seen. In this topic, we look to identify the open questions surrounding the tax benefits offered and when possible, provide what commentators are thinking are proper interpretations of some of the more vexing aspects of the CARES Act.

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Tax Benefits and Implications of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

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Tax Benefits and Implications of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Faculty

T. Scott Tufts, Esq.

T. Scott Tufts, Esq.

CPLS, P.A.

  • Senior tax counsel, CPLS, P.A.
  • Practice emphasizes helping clients who are faced with the filing of certain IRS forms that lead to disputes, as well as tax disputes with the IRS, probate and Federal and state court disputes involving partners and members and estates
  • Practice areas include the handling of IRS tax disputes, expert witnessing, and consultation with partners, members, and their practitioners that pertain to IRS Forms 8082 (notice of inconsistent treatment and erroneous K-1s), as well as IRS Forms 8886 (Reporting of Abusive Tax Shelters), SS-8 (worker classification), 1099-MISC (independent contractors), W-2c/ Form 4852 (Substitute Form W-2 or Form 1099-R); Form 211 (whistle-blowers), Form 3949-A (referral of alleged violations of the tax laws), Form 14242 (suspected abusive tax promotions or promoters), Form 14039 (stolen identity and use of your SSN), Form 14157 (reporting of fraud or abusive tax scheme by preparer), and Form 13909 (reporting of suspect misconduct or wrongdoing of tax exempt or employee plan)
  • Conducts regular seminars and workshops on areas focused on whistle-blowers and the handling of IRS disputes, as well as in the areas of probate and tax, and partnership and LLC matters
  • Wrote several publications: “Evaluating LLC Operating Agreements Containing 'Carte Blanche' Authority and Right to Rely Provisions Purporting to Release Third Parties from Any Duty to Inquire,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIX, No. 2, p. 7, 10-26 (Fall 2013); “AD Global and the Statute of Limitations for TEFRA Partnerships: Will the TMP Ever Have to Stop Looking in the Rear View Mirror for the IRS,” Tax Section Bulletin, Florida Bar, Tax Section, Vol. XXIV, No.2, p.14, pp.25-29 (February 2006); “It Ain’t Over ‘Til It’s Over: When Partnership Tax Vessels Make Ill-Advised Journeys and Wind-Up at Harbor Cove Marina.” Journal of Business Entities (September/October 2004); “What IRS Form 8082 Can Do For You (and to you!) and Your Closely-Held Partnership Now that the IRS’ K-1 Matching Program is Underway,” BNA Tax Management Real Estate, Vol. 19, No. 12 (December 3, 2003); and “Are Single-Member LLCs a Ticking Time-Bomb for Asset Protection?” (Are Single-Member LLCs of Any Utility for Asset Protection after the Florida Supreme Court’s Decision in Olmstead?), ABA Teleconference (August 24, 2010)
  • LL.M. degree in taxation, University of Miami School of Law; J.D. degree, Wake Forest University School of Law; B.S. degree in accounting, Florida State University
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Tax Benefits and Implications of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

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