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The publication explains employer payroll tax relief through delayed payment and the Employee Retention Credit, including how the credit is calculated, applied, and administered via Form 941, plus important limitations tied to Social Security versus Medicare taxes. It also outlines eligibility tests, wage caps, and policy mechanics, supported by BNN tax professionals’ observations.",{"@graph":63,"@context":117},[64,80,100],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/tax-provisions-of-the-cares-act-updated-april-22-2020/308504/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":94,"encodingFormat":93,"isAccessibleForFree":95,"interactionStatistic":96},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/tax-provisions-of-the-cares-act-updated-april-22-2020/308504.png","ImageObject",442,249,{"name":88,"@type":89},"Ivy","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-20",true,{"@type":97,"interactionType":98,"userInteractionCount":9},"InteractionCounter",{"@type":99},"ViewAction",{"@type":101,"mainEntity":102},"FAQPage",[103,109,113],{"name":104,"@type":105,"acceptedAnswer":106},"What does the CARES Act provide for employers regarding payroll taxes?","Question",{"text":107,"@type":108},"It provides delayed payment of certain employer payroll taxes and a credit against payroll taxes for employers subject to COVID-19 related closures.","Answer",{"name":110,"@type":105,"acceptedAnswer":111},"How is the Employee Retention Credit calculated and capped?",{"text":112,"@type":108},"The credit equals 50% of qualified wages paid to each employee in a quarter, up to a maximum of $10,000 in wages, applying to eligible wages paid from March 13, 2020 through December 31, 2020.",{"name":114,"@type":105,"acceptedAnswer":115},"Who is eligible for the Employee Retention Credit?",{"text":116,"@type":108},"Eligible employers must meet one of two tests: a full or partial suspension of operations due to government orders limiting commerce, travel, or group meetings; or a significant decline in gross receipts compared to the same quarter in the prior year.","https://schema.org",{"og:url":78,"og:type":119,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":121,"canonical":78},"index,follow",{"doc_id":123,"site_id":56},308504,1789869254,{"code":4,"msg":5,"data":126},{"doc_id":123,"user_id":127,"nickname":88,"user_avatar":128,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":129,"file_id":130,"file_url":131,"file_type":132,"file_size":133,"view_count":9,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":134,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":124,"read_time":139},549758252649,"https://ap-avatar.wpscdn.com/avatar/8000253669c5317157?_k=1778319167496531819","TAX PROVISIONS OF THE CARES ACT  \nOriginally published April 1, 2020  \nUPDATED AS OF APRIL 22, 2020 – SEE PAGE 2  \nOn Friday, March 27, the President signed into law the 880-page Coronavirus Aid, Relief, and Economic Security Act (“CARES Act) . This was the third phase of major federal legislation created in response to the COVID-19 pandemic. It was preceded by the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020 , which set in motion funding for various government agencies; and the Families First Coronavirus Response Act, the tax aspects of which we explained in a previous article.  \nEarlier this week we shared the first round of guidance from the CARES Act, consisting of an explanation of the Paycheck Protection Program, which is a massive new SBA loan program that offers the potential for its loans to be partially or completely forgiven (a program completely different from the Economic Injury Disaster Loan program described in the previous Families First legislation) . Today we added more guidance regarding the mechanics of that program. Our COVID-19 Resource Center is continually being populated with articles by all of BNN’s practice groups. The purpose of this publication is to share BNN’s insights into the federal tax features of the CARES Act. What follows is the work of numerous BNN tax professionals. If you would like to discuss these matters further, please contact your BNN advisor at 800.244.7444.  \nWHAT’S INSIDE  \nEmployee Retention Credit and Delayed Payment of Payroll Taxes 4  \nEconomic Impact Payments – aka “Recovery Rebates” 8  \nPenalty-Free Retirement Plan Withdrawals and Loans 11  \nRelaxed Required Minimum Distribution Rules 12  \nUse of Net Operating Losses is Expanded 14  \nExcess Business Losses are Less Restrictive 14  \nBusiness Interest Expense Limitations are Relaxed – Sec. 163(j) 15  \nCharitable Contributions Can Offset More Income 16  \nBonus Depreciation is Extended to Qualified Improvement Property 17  \nCorporate Minimum Tax Credit Use if Expanded 18  \nWhat Applies, and What Doesn’t, to Tax-Exempt Entities 20  \nConclusion 22  \nAddendum: Updates to the Law since April 1, 2020 23  \nUPDATES AND CHANGES TO THE CARES ACT ARE COMING RAPIDLY. HERE’S HOW WE WILL SHARE THAT INFORMATION WITH YOU.  \nOur articles related to COVID-19 matters are updated routinely as more guidance from the IRS, the SBA, and other authoritative sources becomes available. This publication will not be updated, but each section within it is presented separately on our website, and those individual articles will be updated. At the front of each article you will find its original publication date, accompanied with a brief explanation and date of any update(s) incorporated in the article. A list of updates made since we first published this guide on April 1 , 2020 may be found in the last section of this publication.  \nREDUCED AND DEFERRED PAYROLL TAXES FOR EMPLOYERS  \nEmployee Retention Credit and Delayed Payment of Payroll Taxes  \nApril 4, 2020 – see Addendum for additional guidance  \nThe CARES Act provides for delayed payment of certain employer payroll taxes as well as a credit against payroll taxes for employers subject to COVID-19 related closures.  \nEMPLOYEE RETENTION CREDIT  \nThe CARES Act provides eligible employers with a credit against their Section 3111(a) payroll taxes equal to 50% of the qualified wages paid to each employee in a quarter, up to a maximum of $10,000 in wages. The retention credit is applicable for qualified wages paid from March 13, 2020 through December 31, 2020. The credit is applied against the employment taxes owed as reduced by other credits (including the employment credits from the Families First Coronavirus Response Act) but in the event the Employee Retention Credit exceeds the employment taxes for the quarter, the excess amount will be refunded to the employer.  \nThe credit will be administered through the filing of quarterly payroll tax Form 941. The wage cap isone that ","cbCait6DsNO7jckU","https://ap.wps.com/l/cbCait6DsNO7jckU","pdf",204058,25,"English","# What’s Inside\n## Employee Retention Credit and Delayed Payment of Payroll Taxes\n## Economic Impact Payments — aka “Recovery Rebates”\n## Penalty-Free Retirement Plan Withdrawals and Loans\n## Relaxed Required Minimum Distribution Rules\n## Use of Net Operating Losses is Expanded\n## Excess Business Losses are Less Restrictive\n## Business Interest Expense Limitations are Relaxed — Sec. 163(j)\n## Charitable Contributions Can Offset More Income\n## Bonus Depreciation is Extended to Qualified Improvement Property\n## Corporate Minimum Tax Credit Use if Expanded\n## What Applies, and What Doesn’t, to Tax-Exempt Entities\n## Conclusion\n## Addendum: Updates to the Law since April 1, 2020\n# Reduced and Deferred Payroll Taxes for Employers\n## Employee Retention Credit and Delayed Payment of Payroll Taxes","[{\"question\":\"What does the CARES Act provide for employers regarding payroll taxes?\",\"answer\":\"It provides delayed payment of certain employer payroll taxes and a credit against payroll taxes for employers subject to COVID-19 related closures.\"},{\"question\":\"How is the Employee Retention Credit calculated and capped?\",\"answer\":\"The credit equals 50% of qualified wages paid to each employee in a quarter, up to a maximum of $10,000 in wages, applying to eligible wages paid from March 13, 2020 through December 31, 2020.\"},{\"question\":\"Who is eligible for the Employee Retention Credit?\",\"answer\":\"Eligible employers must meet one of two tests: a full or partial suspension of operations due to government orders limiting commerce, travel, or group meetings; or a significant decline in gross receipts compared to the same quarter in the prior year.\"}]","Tax Provisions of the CARES Act - Updated April 22, 2020 | PDF",9]