In a series of briefings, the Paul, Weiss tax department has described the tax considerations of the CARES Act, a $2 trillion U.S. stimulus and relief package that was signed into law on 27 March 2020, and a number of other recent U.S. tax changes. The below provides an overview; links to the briefings are included in the text.

CARES Act: Federal income tax relief for individuals and businesses in response to COVID-19

The CARES Act makes a number of significant changes to the federal income taxation of both individual taxpayers and businesses that are generally intended to provide near-term liquidity and economic relief. Further information

SEC extends relief to Form ADV and Form PF filing and delivery obligations due on or before 30 June 

The SEC issued a Superseding Order extending relief to Form ADV and Form PF filing and delivery obligations for which the original due date is between 13 March 2020 and 30 June 2020. As in the original order, this provides a 45-day extension to file or deliver, as applicable, an annual amendment to Form ADV and Form PF for investment advisers unable to meet a filing deadline or delivery requirement due to circumstances related to current or potential effects of COVID-19. Further information

Internal Revenue Service postpones 15 April federal income tax payment and tax return filing deadlines 

On 20 March 2020, the Internal Revenue Service issued Notice 2020‑18 postponing the 15 April federal income tax payment and tax return deadline to 15 July 2020. Further information

Debt buyback considerations during COVID-19

As market reaction to the coronavirus outbreak leads to declining trading prices for bank loans and notes, many debt issuers and their private equity sponsors are considering repurchasing their outstanding debt to capture discount. Certain considerations—such as liquidity, debt document provisions, securities laws and corporate governance issues— must be taken into account in analyzing these potential debt buybacks. Further information