Income Tax Implications Of CARES Act
To Generate Cash Flow For Restaurant Operators

The SBA loan programs are sure to provide significant relief and liquidity for restaurant operators, but other provisions of the CARES Act should not be overlooked. Within the CARES Act are a number of current and retroactive tax law changes that will generate cash back to restaurant operators through tax refunds, tax credits and loans, including:

• Qualified Improvement Property Technical Correction
• Net Operating Loss Provisions
• Excess Business Loss Limitations
• Employee Retention Credit
• Employer Payroll Tax Payment Deferral
• Retirement Fund Withdrawals

While in the midst of the traditional tax filing season for the calendar year 2019, is there an opportunity for you to take advantage of the provisions prior to filing your return? Find out by clicking here.

COVID-19: SBA
Loans and FAQs

When it comes to SBA relief, you can count on GBQ to keep up. We're pleased to provide access to our webinar
recording and answers
to FAQs submitted by our listeners. To learn about PPP loan debt forgiveness, save the date for our upcoming webinar on April 14th at 12:30 PM.

GBQ COVID-19 Resource Center

To ensure you are making business decisions based upon the most up-to-date information, visit our dedicated COVID-19 resources webpage. Review the latest legislature insights along with guidance as it relates to cybersecurity, employment-focused and other business matters.

IRS Rules To Amend Tax Returns For QIP

The IRS released Rev. Proc. 2020-23, which allows partnerships to take advantage of the CARES Act provisions and file amended returns to get newly available tax breaks in years for which they already filed, such as 2018 and 2019. Learn more about this guidance by clicking here.

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