This document was originally released in December 2018 after the Tax Cut and Jobs Act (TCJA) was signed into law in late 2017. TCJA made some of the most significant tax regulation changes in decades and created many new planning opportunities for contractors. On March 27, 2020 the President signed The Coronavirus, Aid, Relief and Economic Security Act (CARES Act).
Thompson Greenspon and the CICPAC Tax Thought Leadership Committee has compiled a summary of those changes potentially impacting our construction clients for consideration. In the interest of timing, this document only provides an overview for further consideration for planning in 2020 and beyond.
The intent of this guidance is to follow this summary with more in-depth guidance and practical application materials as we work through implementation of the new regulations and additional information becomes available.