CARES Act Provides 4 Possible Reasons to File an Amended Return

Retroactive tax-relief measures under the Coronavirus Aid, Relief, and Economic Security (CARES) Act may open up amended return opportunities to recover taxes paid in prior years. Should you or your business file an amended federal income tax return? Taxpayers that have incurred business losses, made qualified improvements to real estate or paid significant amounts of business interest expense are among those that could potentially benefit from amended returns.

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