Authored by the Internal Revenue Service: IR-2020-185, August 18, 2020 With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today...
IR-2020-172, July 29, 2020 The IRS provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment...
Authored by RSM US LLP SBA releases additional PPP guidance/opens lender forgiveness portal. On Aug. 10, 2020 the Small Business Administration (SBA) Paycheck Protection Program (PPP) Forgiveness Platform went live. This...
Notice 2020-51, issued on June 23, 2020, provides additional flexibility for individuals to decide how to deal with any required minimum distributions (RMDs) they took from 401(k)s or other employer-sponsored...
Ever since 2006, individuals age 70½ or older have been able to transfer up to $100,000 annually from their IRAs to qualified charities. These transfers are referred to as qualified...
Authored by RSM US LLP IRS will permit midyear amendments to plan contribution formulas. TAX ALERT | June 30, 2020 In response to the economic crisis related to the COVID-19 pandemic, the...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided a recovery rebate credit of $1,200 for individuals or $2,400 for couples and $500 per child under the age of 17...
Authored by RSM US LLP On July 17, 2020 the Federal Reserve Board released term sheets for two new Nonprofit Organization Loan Facilities, expanding eligibility under the Main Street Lending Program...