SAP Concur: Little-Known COVID-Related Tax Benefits Could Save a Small Business

SAP Concur published a blog post introducing lesser-known tax benefits in the CARES Act that can help small businesses reduce their federal income tax. These benefits include: net operating losses (NOLs) can be carried back up to five years to claim refunds; the depreciable life for Qualified Improvement Property is reduced from 39 to 15 years, with bonus depreciation available; the R&D tax credit; and Section 139 relief, which allows employers to make tax-free payments to employees for COVID-related assistance.