CARES ACT UNPLUGGED - What's in the CARES Act for Law Firms

Uncategorized Mar 31, 2020

On Friday, March 27th, President Donald Trump signed into law the Coronavirus Aid, Relief and Economic Act or the CARES Act. This episode is a re-purposed Facebook Live that goes into all the items in the bill that are relevant to a law firm owner.

  • 2020 Recovery Rebate for Individuals - Learn how they will determine who gets this credit and when you can expect it.
  • Delay of Certain Deadlines - Tax filing and payment deadlines extended to July 15, 2020.
  • Special Rules for use of retirement funds - Find out about increased loan allowance, ability to withdraw funds penalty free and ability to withdraw funds and re-deposit within 3 years.
  • Allowance of partial above the line deduction for charitable contributions - even if you don't itemize, you can deduct $300 in charitable contributions.
  • Loans, loans, loans - learn the difference between the EIDL (Economic Injury Disaster Loan) and the PPP (Payroll Protection Plan) Loan and what steps you should take today.
  • Relief for Student Loans - Learn how to get relief on your own loans as well as pay up to $5,250 to your employee's student loans as well.

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