The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) included many tax breaks designed to get cash to individuals and businesses.
In this video I discuss how the $1,200 per person checks will be sent out, calculated and how it will be reported on your 2020 return.
Also the CARES Act increases the amount of Charitable Contributions allowed to be deducted. It also allows businesses to carry-back Net Operating Losses to prior years in order to get a refund of taxes paid in prior years. Also retroactively eliminates the limitation on business losses and allows Sec 179 deduction in full for Qualified Improvements made in 2019.