IRS Payment Notices and Pending Check Payment
Are you waiting for the IRS to cash your check? Due to COVID-19 the IRS has a backlog of unopened mail. Here's what you need to know: Pending Check Payments and...
24 August, 2020
COVID-19 Pandemic Tag
Lessee Options for Lease Concessions Stemming from COVID-19
Due to the coronavirus pandemic, the FASB pushed back the effective date for the new lease accounting standard (ASC 842) for companies who have not yet adopted the standard to...
18 August, 2020
New PPP Guidance and Lender Forgiveness Portal
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...
17 August, 2020
Aug 31 Deadline to Roll Over RMDs
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...
06 August, 2020
Charity Volunteer Tax Breaks
Article Highlights: Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteered your time for a charity or governmental entity during the COVID-19 pandemic,...
29 July, 2020
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
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 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...
27 July, 2020