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NAR ASKS FOR RELIEF FOR SELF-EMPLOYED

NAR sent a letter to Congressional leaders urging them to include support for self-employed professionals and other small business owners as well as a follow-up letter on this issue as Congress considers additional relief packages.

NAR sent a letter to Congressional leaders urging them to include support for self-employed professionals and other small business owners as well as a follow-up letter on this issue as Congress considers additional relief packages.  NAR also signed a coalition letter that would encourage Congress to provide readily accessible, unsecured credit to employers and self-employed individuals of all sizes to ensure they have the cash to pay their workers, rent, and other costs during this crisis;

  • Suspend the filing of business returns and the payment of all business taxes to the federal government for the duration of the pandemic; and amend the Tax Code to, among other items, restore the ability of businesses to carryback any net operating losses against previous year tax payments;

  • Suspend the application of the Section 163(j) limitation on interest expense deductions for tax year 2020 to avoid penalizing businesses for borrowing during this crisis; and

  • Suspend the Section 461(l) loss limitation on pass-through businesses to allow businesses to full deduct any losses they incur this year. 


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