Month: June 2020
The Need for Estate Planning
June 30, 2020
With the basic exclusion amount over $11.5 million and growing, along with the availability to port a married decedent’s unused exclusion, most individuals will not have a federal or state … Continued
COVID-19 Update: Additional Guidance on Taking Coronavirus-Related Distributions from IRAs and Employer Plans
June 26, 2020
The IRS recently issued Notice 2020-50 which provides further guidance and rules for taxpayers who take coronavirus-related distributions (CRDs) from their IRA or employer retirement plans. Here is what you … Continued
COVID-19 Update: IRS Provides Additional Guidance for 2020 Waiver of Required Minimum Distributions
June 24, 2020
Originally Posted 6.24.2020 – Updated 6.29.2020 On June 23, the IRS issued Notice 2020-51 which provides additional guidance for those who otherwise needed to take required minimum distributions (RMDs) from … Continued
SECURE Act: Changes to IRA Contributions and Retirement Plan Distributions
June 18, 2020
The SECURE Act made several positive changes including expanding the availability of being able to contribute to an IRA beyond age 70 ½ and increasing the age to 72 for … Continued
When Does a Nonprofit’s PPP Loan Convert from a Liability to Revenue?
June 15, 2020
Accounting for PPP Loans: When does a Nonprofit’s PPP Loan Convert from a Liability to Revenue? With the introduction of the CARES Act, our firm created a library of resources, … Continued
COVID-19 Update: Additional Guidance on the PPP Flexibility Act and New Application Forms Released
June 11, 2020
Late last night, the Treasury released an interim final rule with additional guidance regarding H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020). Updated application forms for borrowers and lenders … Continued
COVID-19 Rules for Hardship Distributions and Loans
June 11, 2020
In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and … Continued
COVID-19 Update: Congress Agrees on Favorable Changes to Paycheck Protection Loans – What Does it Mean for Borrowers?
June 04, 2020
Yesterday, the Senate approved H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020), a bill that amends several provisions of the Paycheck Protection Program (PPP). The bill, which passed the … Continued