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Coronavirus Aid, Relief, and Economic Security (CARES) Notice regarding Stimulus Package

Coronavirus Aid, Relief, and Economic Security (CARES) Notice regarding Stimulus Package

PUBLISHED: March 27, 2020

Mar 27, 2020 | COVID-19 Updates

Dear Clients,

The Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus bill, with a House vote today. It’s expected that the President will sign the bill. Key tax provisions include:

Tax credit rebates of up to $1,200 per individual and $500 per child that are phased out for taxpayers with AGI over $75,000 ($150,000 MJF and $112,500 HOH) and will be “rapidly advanced;”
The delay of employer payroll tax deposits for 2020 (50% due by December 31, 2021, and 50% due by December 31, 2022);
A refundable employer retention credit equal to 50% of qualified wages against quarterly employment taxes, to offset up to $10,000 of wages paid per employee in 2020;
The reinstatement of NOL carrybacks for the 2018–2020 taxable years, and repeal of the 80% taxable income limitation for the 2018–2020 taxable years;
A TCJA technical correction that classifies qualified improvement property as 15-year recovery period, allowing the bonus depreciation deduction to be claimed for such property retroactive as if it was included in the TCJA at the time of enactment;
Penalty-free withdrawals of tax retirement funds of up to $100,000 (income recognized over a three-year period);
A temporary waiver of RMD requirements in 2020;
The suspension of charitable contribution limits for 2020;
The deferral of excess business loss limitations until 2021;
An increase in the business interest deduction limitations from 30% to 50% of adjusted taxable income for the 2019 and 2020 taxable year;
An exclusion from income for employer-payments made on employee student loans paid before January 1, 2021;
The acceleration of the corporate credit for prior-year minimum tax liability, allowing 100% of the credit to be claimed in 2019 (2018 at the election of the taxpayer); and
A COD exclusion of small business loans forgiven under the Act.
We must wait for a final signed bill to determine what, if any, of the above has made it to the President’s desk for signature into law.

About Trucept Inc.

True solutions, today and tomorrow: Trucept Inc. helps organizations focus on growing their business. With a dedicated suite of powerful tools and services designed to put business owners in charge of running their businesses and increasing efficiency, Trucept tackles a variety of important administrative needs and provides a host of value-added advantages. The company offers expert business services in the form of payroll, human resources, and management, employee benefits, accounting support, safety and risk management, and marketing and technology services.


For more information, call 858-798-1620 or visit https://trucept.com

Disclaimer

Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management’s current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company’s expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company’s success are more fully disclosed in the Company’s most recent public filings with the U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K.

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