The CARES Act has changed the life of Qualified Improvement Property (QIP) from 39 years to 15 years, thus making it eligible for bonus depreciation. This is a technical correction for the QIP issue and is a retroactive change, back to January 1, 2018.
IRA distributions up to $100,000 made in 2020 will not be subject to the 10% early withdrawal penalty if it’s a “coronavirus-related distribution”. It is still subject to Federal and state income tax, however.
Starting in 2020, a taxpayer is able to deduct up to $300 for charitable contributions, even if they do not itemize deductions on their Federal income tax return.
For 2020 only, donations made to charities that are subject to the 60% AGI limit are now allowed up to 100% of AGI for 2020.
The Tax Cuts and Jobs Act (TCJA) changes to NOL loss carrybacks and carryforwards have been temporarily replaced.
The TCJA rules regarding limitations on excess business losses have also been repealed for 2018 - 2020.
The 30% limit on business interest expense is raised to a limit of 50% for 2019 and 2020.