So Much New Law, So Little Time

Compelled by the desperate times, the U.S. government has enacted by statute and dictated by other means many relief provisions aimed at propping up the economy and providing specific reliefs for the many millions of Americans and U.S. businesses tragically affected by the financial fallout of the COVID-19 pandemic.

Some of the most important relief efforts are embedded in two laws: Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, and Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted March 27, 2020.

Below, you can find succinct summaries of key provisions of these two laws. HM&M’s Pearl Balsara, Senior Manager, prepared these summaries – an outline describing highlights of the FFCRA and a table comparing a number of relief provisions in the CARES Act with law before the CARES Act.

We’ve published papers on a good number of the topics covered by these two new documents. These new resources summarize well the salient points of the laws and of our initial interpretations. Please click below to download these resources.

Highlighs of the FFCRA

 

CARES Act Comparison

Some of the provisions in the new statutes call for immediate action. Some require implementing changes that are retroactive and that may affect 2019, 2018, and prior years’ tax returns. Others require additional guidance in order for you to comply with new laws.

Please contact your HM&M advisor to discuss how these new laws and other provisions affect you and, where applicable, your business. Find out how you can access these relief provisions.

For more information check out HM&M’s COVID-19 Resources page.

HM&M COVID-19 Resources

Latest Blog

U.S. Lawmakers Have Taken Another Step Toward Closing a Perceived Loophole

U.S. lawmakers have taken another step toward closing a perceived loophole that allows certain income earned by investment ...

People Meeting

Your Deadline: July 2022 – 401(K) PLAN RESTATEMENTS

Every six years, the Internal Revenue Service (IRS) requires employers with qualified, pre-approved plans to restate their plan ...

Bitcoin with a background of gold

Bitcoin, Altcoin, Dogecoin! Oh My. – Part 2

Blog Part 2 of 2 – Read Part 1 by clicking here How does the IRS treat cryptocurrency? ...

HM&M Updates

Our Frisco Office Has Moved

We have moved to our permanent location in Frisco located in Hall Park which is conveniently located at ...

Anat Shares Tax Insights at Park Cities Rotary Club Meeting

On Friday, July 9th, Anat Borodyansky spoke to Park Cities Rotary. She shared recent tax insights and important ...

2021 Promotions at HM&M

We are pleased to announce that effective July 15, 2021, Alyson Brands, Diana Cetares and Sirena Plitt have ...