Advisory Services

The COVID-19 pandemic dramatically changed the global economy, our businesses, and our everyday lives. Many of the resulting impacts have extended into 2021 and potentially beyond. In response to the pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was passed by Congress on March 27, 2020. The CARES Act included provisions for one-time cash payments to individuals, increased unemployment benefits, and loans to small businesses. The CARES Act also made temporary tax changes in an effort to jumpstart the economy. At the end of 2020, Congress passed a second relief bill, the Consolidated Appropriations Act, 2021 (“CAA”), that provided additional cash relief to individuals, while adding new tax provisions and extending some key temporary provisions from the CARES Act.

FLSV has devoted substantial time and resources into understanding the CARES Act and the CAA as well as the opportunities available to individual taxpayers and businesses. We coordinate with our clients on a regular basis to consider their ability to utilize those provisions. Our team continues to study the CARES Act, the CAA, and forthcoming guidance for tax optimization purposes.