The McCarthy Law Firm is here to help you navigate this unprecedented financial insecurity in a cost effective way with any family law concerns you may have. Our full service family law firm offers customized and reduced cost options such as legal coaching, limited scope representation and a broad range of fee options suitable for most budgets. At this time, we are also offering free one hour telephone consultations for any medical professionals, first responders, law enforcement and military personnel. Please call us at (520) 623-0341 to explore your options. Click here to learn more about how we are following protocols from the county and CDC in order to better assist you.

The McCarthy Law Firm, PLLC

Turning Stress Into Solutions™

Tax Relief for Business Owners During COVID-19 Crisis

Business owners should check out a new option for immediate tax relief. If your business was profitable at one point, but suffered losses in 2018 and 2019, you can amend your business tax returns to offset your taxable profits going back five years. This could produce an immediate refund. 

Here is the icing on the cake: Before the CARES Act, you could only offset losses against future profits and not past profits. Prior to the tax reform legislation, the business tax rate was much higher (as much as 35%), instead of the 21% rate that applies to future profits. That means more dollars can be deducted and more money goes into your pocket. 

Check with your tax advisor for advice on your specific circumstances.

This blog is intended to just highlight the various rescue programs that may be available to you and is not intended to substitute for professional tax or legal advice. The McCarthy Law Firm is not a tax or accounting firm. Additionally, there are detailed regulations concerning each person’s eligibility and terms of repayment. Please check with your tax advisor and/or your accountant regarding your specific situation.

Message from The McCarthy Law Firm​

The McCarthy Law firm is a full service family law firm that serves many small business owners going through a divorce.  If you are going through a divorce or have questions about filing for divorce, we are here to assist you. Please call us at 520-623-0341 to explore your options.

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