In response to the COVID-19 pandemic, the Internal Revenue Service (IRS) has granted broad relief for tax filing and payment deadlines that fall between April 1 and July 15, 2020. This move comes amidst a host of measures included in the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was signed into law last month.
Tax credits, refunds and waivers included in the bill were designed to make an immediate impact and serve as a lifeline to a flagging economy. Economic and tax legislation is confusing at the best of times. When it’s been drafted and passed expeditiously, clarity is especially important.
To help provide perspective on the CARES Act, assistant lecturer Nathan Wadlinger of Florida State University’s College of Business is ready to help.
Nathan Wadlinger, assistant lecturer, College of Business
Wadlinger is an expert in federal income taxation (Individual and Business), tax research and writing, and tax aspects of buying and selling a business.
“The COVID-19 crisis spreading across the globe has come at crunch time for U.S. taxpayers but the CARES Act provided many changes beyond just taxes. While taxpayers should consult their CPAs or other tax professional to determine the specific outcome to them, the overall effect of these changes is that there are more favorable rules for taxpayers.”