New Twist Added to the IRA-to-Charity Provision
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...
29 July, 2020
CARES Act Tag
IRS has granted COVID-19 relief regarding safe harbor 401(k) plans
Authored by RSM US LLPIRS will permit midyear amendments to plan contribution formulas. TAX ALERT | June 30, 2020In response to the economic crisis related to the COVID-19 pandemic, the...
27 July, 2020
Didn’t Qualify for the Stimulus Payment? Capture it on your 2020 Taxes
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...
27 July, 2020
Fed Expands Main Street Lending Program to Nonprofits
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...
21 July, 2020
Payroll Tax Relief for Employers Impacted by COVID-19
In response to COVID-19, Congress created four payroll tax relief programs for employers via the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response...
06 July, 2020
Unemployed by COVID-19? Special Benefits May Apply to You.
The CARES Act includes Pandemic Unemployment Assistance (PUA) provisions that extend and supplement state-provided unemployment insurance and are intended to lessen the financial burdens on individuals who have lost their...
27 April, 2020
Congress Makes Charitable Giving Easier During the COVID-19 Crisis
Article Highlights: • CARES Act Relaxed Restrictions • Contribution AGI Limits • Charitable Contribution Deduction for Non-itemizers • IRA to Charity Transfers • Substantiation Requirements • ScammersTo encourage charitable contributions to deserving qualified charities during these...
23 April, 2020
CARES Act: Business Interest Expense Deductions
The CARES Act amendments to section 163(j) will allow many taxpayers increased interest deductions in tax years beginning in 2019 and 2020. Section 163(j) in general Section 163(j) limits business interest expense...
21 April, 2020