The CARES Act greatly expands tax deductions for interest from 30% to 50% and expands the ability to deduct losses from taxable income (modifying NOL carrybacks and carry-forwards). Some industries, such as retailers, restaurateurs, and hotels, will be able to immediately deduct property improvements from their taxes. Please speak to your tax advisor.
For more information, please check the IRS’s website at https://www.irs.gov/coronavirus. Please speak to your tax advisor.
IMPORTANT NOTICE FROM NEEDLEMAN MANAGEMENT
Needleman Management presents this information as a service to our tenants, clients, vendors and contractors as an informational resource only. We do not claim to be lawyers, accountants or tax professionals. We present this material for informational purposes only and is based solely as our best understanding at this time. We accept no liability for any action based on this information nor for any errors or omissions. We strongly suggest that you discuss the material provided herein with your legal and tax professionals.
The full 880-page CARES Act document can be found here.
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Last Updated: March 30, 2020