Enacted in response to the COVID-19 pandemic, the United States (US) Coronavirus Aid, Relief, and Economic Security (CARES) Act provides roughly US$2 trillion in economic relief to eligible businesses and individuals impacted by the novel coronavirus outbreak. The CARES Act is significant legislation that will affect nearly every aspect of the economy.This Alert discusses key provisions of the CARES Act affecting corporate taxpayers, including corporations seeking sources of liquidity through net operating loss (NOL) carryback claims and income tax refunds, as well as those seeking to understand how the CARES Act will affect mergers and acquisitions.Taxpayers will need to carefully consider...