Who would have thought that in 2020 we would be navigating foreign territory with a virus that has literally changed the way we do business. With continual news coverage on its effects our US Congress has acted quite significantly in helping small businesses take steps to protect themselves financially.
Before we get into the specifics, it’s important to note that what is discussed in this article is for LLC’s that elected to be treated as an S Corporation for tax purposes. The CARES Act that was passed on March 27, 2020 was meant to help families and small businesses. Like always, Congress uses its ability to tax as a tool to prevent a deepened financial impact on the country at large. So a number of things discussed in this article will be aimed at alleviating the tax impacts on small businesses. So let’s begin…..