CARES Act에 따른 세금 혜택

코로나바이러스에 피해를 입은 자들을 돕고 경제를 부양하기 위한 법안 (Coronavirus Aid, Relief, and Economic Security Act 의 앞 글자를 따 “CARES Act”라고도 불린다)이 수일내로 트럼프대통령의 서명을 거쳐 입법화가 될 것으로 예상되는 가운데, 이 법안에는 이번 코로나바이러스로 인해 피해를 입은 여러가지 개인과 법인을 돕기 위한 세금혜택이 포함되어 있다. 대표적인 몇가지 안은 다음과 같다:

이월결손금(Net Operating Loss 혹은 NOL)에 대한 일시적 제한 해지

기존에는 NOL이 과거로 소급공제 되지 않고 향후에 생기는 과세소득에만 사용이 가능했으나, 2018년도부터 2020년도까지 발생하는 NOL에 대해서 5년까지 과거로 돌아가 과거에 납부했던 세금을 환급 받을 수 있다. 또한, 2017년부터 2018년까지의 NOL에 대해서는 2년까지 과거로 돌아가 소급공제를 받을 수 있다.

초과 사업손실(Excess Business Loss)에 대한 제한 해지

2017년도 세제개혁으로 시작된 초과 사업손실에 대한 제한이 2020년도까지 해지된다.

이자비용공제에 대한 규정 Section 163(j)의 변경

현재로서는 사업상 이자비용의 공제는 감가상각비 및 세금 등의 조정을 한 과세소득의 30%까지로 제한된다. 이 법안이 통과되게 되면 2020년도까지 조정된 과세소득의 30%가 아닌 50%까지 이자비용이 인정된다.

최저한세 크레딧 (AMT Credit) 환급

기존에는 2025년도까지 나눠서 최저한세 크레딧을 환급받게 되었으나, 납세자가 선택을 하여 일시적으로 환급을 받을 수 있게된다.

급여세 납부 의무의 연장

이 법안이 통과되게 될 시에는 2020년도 급여세 (employer portion) 중 50%는 12/31/2021까지, 나머지 50%는 12/31/2022까지 납부할 수 있도록 납부의무를 이연시켜 준다.

Tax Reliefs included in the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “Act”), expected to be enacted by President Trump in the next few days, contains many tax relief measures for businesses to assist individuals and businesses impacted by the economic effects of the COVID-19 pandemic.  Here are some key provisions:

Net Operating Loss (“NOL”) Operating Rule Change

The Act will allow an NOL from tax years beginning in 2018 through 2020 to be carried back for five years.  The Act also allows two-year carryback of NOLs generated in the tax year beginning in 2017 and ending in 2018.

Excess Business Loss Limitation Suspension

The Act temporarily suspends the excess business loss limitation adopted as part of the 2017 Tax Reform through 2020.

Modification to Section 163(j) Business Interest Deduction Limitation

Currently, business interest deduction is limited to 30% of taxable income, adjusted by depreciation, amortization and tax.  The Act will temporarily increase this limitation percentage to 50% through 2020, allowing deduction that would have been otherwise limited.

Refundable AMT Credit

The entire amount of AMT credits that are currently scheduled to be refunded through 2025 can be refunded with an election.

Deferment of Employer Payroll Tax Payments

The Act defers payment date of 2020 employer payroll taxes. 50% of the deferred tax is to be paid by December 31, 2021 and the remainder by December 31, 2022.

The IRS Notice 2020-17 (the “Notice”), issued in connection with the President Trump’s Emergency Declaration relating to the coronavirus 2019, provides relief for certain taxpayers to make payments of federal income tax.  This relief from income tax payment deadlines is being provided to “affected taxpayers,” defined in the Notice as individuals and corporations with federal income tax payment due April 15, 2020.

Under this relief, individual taxpayers with federal income tax payment due April 15, 2020 may postpone the payment to July 15, 2020.  The applicable postponed payment amount is up to $1 million regardless of filing status.

Corporate taxpayers with federal income tax payment due April 15, 2020 may postpone the payment to July 15, 2020.  The applicable postponed payment amount is up to $10 million for each consolidated group or for each C corporation that in not filing a consolidated return.

Note that no extension is provided for the payment or deposit of any other type of Federal tax, or for the filing of any tax return or information return.

Please see additional detail in the Notice.  https://www.irs.gov/pub/irs-drop/n-20-17.pdf

미 하원에서 지난 3월 14일 “Families First Coronavirus Act”가 통과 되었다. 이 법안은  COVID19에 영향을 받은 가족들에게 가족휴가 및 의료휴가를 제공하면서 고용주들에게는 세제혜택을 제공한다. 이 법안은 상원의원을 통과하여야 하고 Trump 대통령의 승인을 받아야 한다. 이 법안의 주요 골자는 다음과 같다:

• 500명 미만의 임직원이 근무하는 회사의 경우에는 가족휴가(Family leave) 및 의료휴가(Medical leave)가 연장되어 제공된다. COVID19에 따라서 격리를 해야 하는 경우나, 가족 구성원이 격리를 하고 있어 도움이 필요하거나, 학교가 문을 닫은 자녀를 보살펴야 하는 경우가 이에 해당하며, 해당 임직원은 최대 12주 까지의 휴가를 사용 할 권리가 주어지게 된다. 이 휴가는 고용에 영향을 줄 수 없으며 휴가 중 2주는 유급휴가이며 나머지 기간에는 평소 급여의 2/3을 받게 된다.

• 500명 미만의 임직원이 근무하는 회사의 경우 임시 연방 비상 유급 병가 (Temporary Federal Emergency Paid Sick Leave)가 제공되게 된다. 격리중인 직원이나 COVID19의 진단 및 예방을 위해서 휴가를 내는 경우가 이에 해당한다. 가족구성원을 돌보기 위해서나 학교가 문을 닫은 자녀를 보살펴야 하는 경우에는 평소 급여의 2/3을 받게 된다.

• 500명 미만의 임직원이 근무하는 회사의 경우, 직원에게 지급한 유급병가에 대하여 동일한 금액의 세제혜택을 제공한다. 이러한 세제혜택은 고용주가 납부해야 하는 사회보장세에 사용될 수 있다. 이 혜택은 하루 사용할 수 있는 금액과 분기별로 사용할 수 있는 날짜에 제한이 있다.

• 500명 미만의 임직원이 근무하는 회사의 경우, 직원에게 지급한 유급가족휴가에 대해서도 환급가능한 법인고용세에 대한 혜택이 주어지게 된다. 하루에 $200씩, 매 분기별로 $11,000까지 사용 할 수 있다.

자세한 내용은 다음에서 확인 할 수 있다:

H.R. 6201.  https://www.congress.gov/bill/116th-congress/house-bill/6201/text

이 외에도, 국회의원들은 COVID19에 대한 경제적인 여파를 극복 할 수 있는 방안들에 대해서 검토하고 있다. 납부하는 6.2%의 사회보장세 및 1.45%의 메디케어 세금 면제, 직원을 고용하고 고용을 유지하는데에 대한 세제혜택, 2020년도의 이월결손금에 대해서 과거로 소급공제(carryback)를 허용 및 80%의 제한을 두지 않는 방안 들이 검토되고 있는 것으로 알려져 있다.

관련 된 내용이 추가로 발생 할 경우, 추가로 알려드리도록 하겠습니다.

The U.S. House of Representative passed the Families First Coronavirus Act (the “Bill”) to provide relief for families affected by the COVID19.  The Bill requires certain employers to provide emergency family and medical leave and provides a new business tax credit and relief provisions to these employers.  The Bill is subject to the Senates’ vote and President Trump’s approval.  Here are some key provisions contained in the Bill:

• Expanded Emergency Family and Medical Leave is provided to employees of an employer with fewer than 500 employees. The qualifying employees have the right to take up to 12 weeks of job-protected leave for the quarantine instructions due to COVID19, to care of an at-risk family member who is following an quarantine requirement or recommendation, or to care for a child whose school or place of care has been closed.  The qualifying employees are entitled to two weeks of paid leave, and 2/3 of usual pay during the remaining 12 weeks.

• Temporary Federal Emergency Paid Sick Leave Benefit provides two weeks of paid sick leave for qualifying employees of an employer with fewer than 500 employees. The benefit is provided to the qualifying employees to quarantine or seek a diagnosis or preventative care of COVID19.  The benefit is reduced to 2/3 of the employee’s regular pay if the leave is to care for a effected family member or to care for a chile whose school or place of care has been closed.

• New Business Tax Credit is provided for amount equal to 100% of qualified sick leave wages paid by employers with fewer than 500 employees. The credit is allowed against the employer portion of social security payroll taxes.  The credit is limited to a daily amount and number of days in quarter limitations.

• Refundable Business Payroll Tax Credit is provided for required paid family leave. The credit is equal to 100% of qualified family leave wages paid by the qualifying employer with fewer than 500 employees.  The credit capped at $200 per day for each effected employee and $11,000 for each quarter.

Additional detail will be provided in the H.R. 6201.  https://www.congress.gov/bill/116th-congress/house-bill/6201/text

Additionally, Congressional leaders are discussing options to stimulate economic effects of COVID19.  Some of the key stimulus measures in discussion include the suspension of certain payroll taxes, including employer’s share of 6.2% Social Security tax and 1.45% Medicare tax through the remainder of 2020; introduction of employer tax credit for hiring or retaining employees; allowing 2020 net operating loss carryback and removing the 80% taxable income limitation.

We will continually monitor the legislature developments and apprise you when additional information is available.

The IRS updated the instructions for Form 1065, U.S. Return of Partnership Income, adding additional disclosure requirement related to partners’ income adjustments related to IRC sections 704(c) and 743(b).

IRC section 704(c) and regulations thereunder provide rules pertaining to how income and loss should be allocated between partners related to built-in-gains or built-in-loss assets contributed by the partners.  The updated instructions expand on the additional information required to be provided in relation to how items of income, gain, loss, and deduction are affected by the application of section 704(c).  See the instructions to Line 20AA of schedules K/K-1.

IRC section 743(b) and regulations thereunder provide that in the case of a sale or exchange of a partnership interest for which a section 754 election is in place, a partnership shall adjust the basis of partnership property.  The purpose of the adjustment is to eliminate the difference between inside basis of the partnership property and the outside basis of the partnership interest for the transferee partner.  The updated instructions require income, gain, deduction or loss items relating to section 743(b) adjustments on Line 11F (in the case of positive adjustment) and on Line 13V (in the case of negative adjustment).  In addition, the updated instruction require explanation for detail of 743(b) basis adjustment on Line 20AH.

Link to Form 1065 instructions https://www.irs.gov/pub/irs-pdf/i1065.pdf.

캘리포니아 상원 법안 37이 발의 되었다. 이 법안은 현재 8.84%인 법인세를 10.84%에서 14.84%로 인상 시키게 되며, 하원과 상원의 2/3 이상의 찬성표를 얻게 되면 정식 법안으로 채택되게 된다.

이 법안이 적용되게 되면, 2020년 1월 1일 이후의 과세연도에 과세소득이 천만불 ($10,000,000) 이상인 법인의 세율이 기존 8.84%에서 10.84%로 인상되게 된다. 또한, 법인의 급여 비율에 따라 최고 14.84%까지 인상될 수 있다.급여 비율은 법인 내의 급여가 어느정도의 차이가 있는지를 파악하는 척도라고 볼 수 있으며 이는 CEO, COO 혹은 제일 많은 급여를 받는 임직원의 급여를 전직원 급여의 중앙값으로 나누어서 계산된다. 합산신고를 하는 법인들의 경우에는 이러한 급여비율이 하나의 법인처럼 간주되어 계산되게 된다.

급여를 제일 많이 받는 사람의 급여와 급여의 중앙값에 차이가 많이 나게 될수록 법인의 적용세율은 높아지게 되며, 각각의 급여비율에 대한 세율은 다음과 같다.

또한, 미국내의 정직원의 감소 비율이 미국 내 계약직 혹은 해외 정직원의 인상비율보다 10% 이상 클 경우, 세율은 1.5배 인상되게 된다.

자세한 내용을 위해서는 아래의 링크를 클릭하십시오: https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200SB37

The California Senate Bill 37 (the “Bill”), which may potentially increase Corporate tax rate from current 8.84% to a range of 10.84% to 14.84, has been proposed.  The Bill will be enacted if approved by a 2/3 vote in each house of the California Legislature.

The Bill, if enacted, would subject the corporations with taxable income of $10,000,000 or more for taxable years beginning on or after January 1, 2020 to an increased rate ranging from 8.84% to 10.84%.  The tax increase would be based on the corporation’s compensation ratio, which is determined by taking the greater of the compensation of the CEO, COO, or highest paid employee divided by the median compensation of all employees of the corporation.  Note that for combined reporting filers, the compensation ratio would be determined as if the taxpayers were a single taxpayer.

The higher the disparity between the highest paid individual and the median work is, the higher corporate tax rate the corporation would be subject to.   The applicable tax rate would be determined as follows:

Furthermore, the Bill would increase those new applicable tax rates by a factor of 1.5 for those taxpayers that have a more than 10% decrease in full-time employees employed in the United States as compared to an increase in contracted employees or foreign full-time employees.

To view the actual text of the Bill, please click the link below.

https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200SB37

FASB issued Accounting Standard Update 2020-1 (“ASU”) which clarifies the interaction between accounting standards for equity securities (under Topics 321) and equity method investment (under Topics 323).  The guidance is effective for fiscal years beginning after December 15, 2020 for public entities and for the fiscal years beginning after December 15, 2021 for all other entities.

ASC 321 provides a measurement alternative that allows equity securities without a readily determinable fair value to be measured at cost, less any impairment, unless an observable transaction for an identical or similar security occurred.  When the observable transaction occurs, the equity security would be measured at fair value at the date of that transaction.

The ASU clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method.

For example, if an ownership change occurs that results in a company’s applying or discontinuing the equity method, the carrying amount of the investment would be adjusted to its fair value immediately before applying or discontinuing the equity method.

Please click the link below to view the text of ASU 2020-1.  https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176174044348&acceptedDisclaimer=true

For a diagram illustrating the new guidance (prepared by Stout), please click here. The original article by Stout can be reached here.

The US-Mexico-Canada Agreement (USMCA) which replaces the North America Free Trade Agreement (NAFTA) has been approved by the Senate on January 16, 2020 and the President Trump is expected to sign it shortly.

The USMCA retains most of the preferential tariff provisions in NAFTA, except for non-tariff measures in the areas of intellectual property rights and enforcement, automotive, logistics, and pharmaceuticals.  Once the USMCA is signed, enterprises can expect an stability going forward in the trades between the three countries, at least for the next 16 years (USMCA contains a sunset provision that takes effect in 16 years).

The text of the USMCA can be found at https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement/agreement-between.