Aid to All Businesses

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The CARES Act makes a series of changes to the tax code that may benefit your business.

Where can I get more information for the below tax credits?

Interested businesses should consult a tax expert or reference the IRS for updated guidance. The IRS website will be updated as more information becomes available. The below is meant to provide an overview of changes made.

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Employee Retention Credit

The U.S. Treasury and IRS launched the Employee Retention Credit on March 31, 2020. Eligible entities can receive a refundable payroll tax credit for 50% of up to $10,000 in qualified wages for retaining idled workers on their payrolls during the COVID pandemic.

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Delay Payment of Employer Payroll Taxes

All employers and self-employed individuals may defer the 6.2% employer share of Social Security taxes for two years. Fifty percent of the deferred payroll taxes are due on December 31, 2021, and the remaining amounts are due on December 31, 2022.

Additional Tax Changes

  • Business Expense Deduction Changes

    Business Expense Deduction Limits are increased from 30% to 50% for 2019 and 2020. Additional rules apply to partnerships.

  • Retail Tax

    Retailers, restaurateurs and hotels will be able to immediately deduct qualified property improvements and amend previous year filings.

  • Relaxes to Net Operating Loss Limits

    Businesses will be allowed to carry net operating losses arising in the 2018, 2019, and 2020 tax years back five years. The taxable income limit is temporarily removed to allow a NOL to fully offset income for those years. Additional rules apply for life insurance companies.

  • Alternative Minimum Tax

    Corporations are able to accelerate their ability to recover the AMT credits from previous years and claim any resulting refund.

Other Technical Assistance Information & Relief

Contact Information for DCEO Offices