In this episode, we review the signing into law of the Families First Coronavirus Response Act, HR6102.
This edition of the ITS Spotlight for week ending 20 March looks at the latest relief bill signed into action to support Americans during the Coronavirus pandemic. The Families First Coronavirus Response Act is explored, including the package of measures it includes.
There’s a look at the proposals from the Senate Republicans on the third bill that’s now entering negotiations, as well as a look at the IRS’ tax payment relief initiative which has pushed back deadlines for payments and filing to 15 July 2020.
There’s a brief look at changes to proposed regulations on tax credits for covered asset acquisitions, before finally a look at the announcement from the OECD that it intends to carry on full steam with the BEPS 2.0 project.
This EY weekly spotlight looks at the US government’s response to the COVID-19 pandemic, and in particular the signing into law of the Families First Coronavirus Response Act, HR6102. This package of measures includes paid sick and family leave for any affected individuals, creates tax credits for affected employers, expands food and nutrition services, allows for emergency state unemployment insurance grants, and increases Medicaid funding to states.
This is the second bill to be signed into law regarding COVID-19, following the Coronavirus Appropriations Bill HR6074. A third, much larger bill, is now being worked on and to that end, the Senate Republicans released their version of the Coronavirus Aid Relief and Economic Security (CARES) Act, a roughly US$1 trillion package that focuses on individuals and businesses. It now requires negotiation with Democrats to be pushed forward.
In notice 2020-17, the IRS has provided tax payment relief to anyone affected by the pandemic. In short, anyone owing income federal tax by the 15 April can now defer payment until 15 July 2020 with no penalties or interest added. The filing deadline is also being delayed, so anyone due to file before 15 July 2020 can now wait until this new date without any penalty.
The IRS has issued final foreign tax credit regulations for covered asset acquisitions that are generally consistent with proposed regulations from December 2016. Finally, the OECD announced it intends to continue full steam on the BEPS 2.0 Project virtually, to avoid issues caused by COVID-19.
- Understanding the Families First Coronavirus Response Act and the measures included for paid and sick leave, tax credits, food services and more
- Learning about the upcoming third bills, the CARES Act, and the process for that being signed into action
- Gaining an overview of the IRS’ tax payment relief including deferring payment and filing deadlines to 15 July
- Understanding changes to the proposed regulations on tax credits for covered asset acquisitions in the finalized version
- Learning how the OECD intend to continue with the BEPS 2.0 project
Duration 08m 31s
In this seriesSeries overview