President Trump on March 13 declared a national emergency to address COVID-19. The President’s declaration instructs the Treasury and the IRS to provide relief from tax filing deadlines to individuals and businesses, as appropriate. Specific details on disaster tax relief, including new filing deadlines and eligibility requirements, are expected to be announced by the Treasury Department and the IRS.
The House-passed bill requires certain employers to provide expanded emergency family and medical leave and establishes a new business tax credit for certain employer-provided paid leave benefits through the end of 2020.
Additional measures reportedly under consideration include various tax measures to
provide relief for individuals and businesses affected by the economic effects of COVID-19 and tariff reductions to address supply chain concerns.