COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

William H. ShawnCo-Managing Partner, ShawnCoulson

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief for businesses and individuals that incur losses during the novel coronavirus (COVID-19) pandemic. This article explains relief measures that allow liberalized deduction rules for losses that were previously limited by provisions in the Tax Cuts and Jobs Act. Amended federal income tax returns may be necessary to benefit from these relief measures for years that you’ve already filed returns.

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