The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.
Business tax provisions include an employee retention credit, deferral of payroll tax payments, temporary reinstatement of the net operating loss (NOL) carryback, increased limits for business interest deductions, and a technical correction to the qualified improvement property provision contained in the 2017 Tax Cuts and Jobs Act (TCJA).
For most of us, the legislation is complicated and decisions have serious consequences. Now is the time to work with a CPA that understands the needs and nuances of animal hospitals and veterinary medicine practices. Each of our Veterinary Medicine CPA members has been following this legislation and offers customized veterinary care guidance. While they are busy near the end of tax season, each of our members will consider accepting more veterinarians.
If you want professional guidance from a Veterinary CPA Firm, complete our short form and you will be put in touch with a CPA to help. Banks are not accepting applications for this relief program yet so contact us now.