2020 Tax update: The uncertain and very scary year ahead
Even before COVID-19 came along, tax professionals were wrestling with the unintended consequences of the 2017 Tax Cuts and Jobs Act (TCJA), and trying to understand the full implications lurking in the many updates, corrections, and clarifications issued by the IRS and Treasury at the end of 2019.
As if that weren’t enough, corporate tax advisers are now hastily trying to determine how provisions in the $2.2 trillion Coronavirus Aid, Relieve, and Economic Security (CARES) Act and subsequent stimulus bills might impact them.