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
COVID-19 Pandemic Tag
Tax Breaks for Hiring Your Children in the Family Business
With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family...
27 July, 2020
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
Unique IRA Opportunities for 2020
As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs...
20 July, 2020
A Novel Way to Make COVID-19 Relief Donations
On March 13, 2020 the President issued an emergency disaster declaration under the Stafford Act as a result of the coronavirus disease pandemic. The disaster area covers all 50 states,...
20 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