In addition to the summary of IRS actions and earlier-enacted federal tax legislation that we previously posted, We now want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020.

Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as Coronavirus).

Johnson, Lauder, & Savidge remains committed to providing you the best accounting and tax services possible. In light of the recent mandates and recommendations surrounding the COVID-19 pandemic, we are taking various steps in serving you, our valuable clients.