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...
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...
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...
Article Highlights: • CARES Act Relaxed Restrictions • Contribution AGI Limits • Charitable Contribution Deduction for Non-itemizers • IRA to Charity Transfers • Substantiation Requirements • Scammers To encourage charitable contributions to deserving qualified charities during these...
