Smart tax moves in the age of COVID-19

摘要

Given the effects of the coronavirus pandemic on the economy, keeping a specially fabrics operation's tax bill low shouldn't be a problem this year. However, to keep the business's tax bill low year after year requires planning, and what better place to start than in a troubled tax year? This may be the year for losses, substantial losses in some cases, but those losses don't have to be a bad thing. The Coronavirus Aid, Relief and Economic Security (CARES) Act, as one example, temporarily allows net operating losses (NOLs) to be carried back to earlier tax years.