The Coronavirus Aid, Relief, & Economic Security Act: Tax Relief in the Wake of the COVID-19 Crisis
President Trump recently signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion economic relief package to aid businesses and individuals affected by the coronavirus disease 2019 (“COVID-19”). The CARES Act includes substantial changes to sections of the Internal Revenue Code of 1986, as amended (“Code”). Among these changes are several business tax provisions, including both temporary provisions aimed at ameliorating the economic effects of COVID-19 as well as certain long-sought technical corrections to the Tax Cuts and Jobs Act (“TCJA”). In addition, the CARES Act provides tax relief provisions to individual taxpayers.