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Archive for August 18th, 2020

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sgrgas

Coronavirus-Related Distributions and Plan Loan Guidance

Coronavirus-Related Distributions and Plan Loan Guidance The IRS has issued guidance on coronavirus-related distributions and plan loans. The guidance presents the rules set out in Act Sec. 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136); adds three new categories to the list of individuals who qualify due to adverse financial […]

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aaguanno

Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages

Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages The IRS has issued guidance to employers on the requirement to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127). This reporting provides employees who are also self-employed with […]

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apresti

Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief

Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief The IRS has clarified and provided relief for mid-year amendments reducing safe harbor contributions. An updated safe harbor notice and an election opportunity must be provided even if the change is only for highly compensated employees. Coronavirus (COVID-19) relief applies if a plan amendment is adopted between […]

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lvarela

Deadlines Extended for Qualified Opportunity Funds and Investors

Deadlines Extended for Qualified Opportunity Funds and Investors The IRS has announced various extensions of deadlines for qualified opportunity funds and their investors due to the Coronavirus pandemic. 180-Day Investment PeriodGenerally taxpayers must reinvestment capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized from a sale or exchange. […]

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lvarela

Final Regulations Issued on FDII and GILTI Deduction

Final Regulations Issued on FDII and GILTI Deduction The Treasury and IRS have issued final regulations covering the Code Sec. 250 deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). Proposed regulations were issued on March 6, 2019 (NPRM REG-104464-18). The final regulations maintain the basic approach and structure of the proposed regulations and […]

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lvarela

IRS Amends 199A Regs on Suspended Losses and RICs

IRS Amends 199A Regs on Suspended Losses and RICs The IRS amended final regulations with guidance on the Code Sec. 199A deduction for suspended losses and shareholders of regulated investment companies (RICs). The amendments address the treatment of suspended losses included in qualified business income (QBI), the deduction allowed to a shareholder in a regulated investment company […]

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lvarela

IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely

IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely The IRS has released guidance that provides temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Specifically, the guidance provides participants, beneficiaries, and administrators of qualified retirement plans and other […]

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lvarela

Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form

Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form In consultation with Treasury Department, the Small Business Administration (SBA) has issued: new and revised guidance for the Paycheck Protection Program (PPP); revised PPP application forms; a revised PPP loan forgiveness application; and a new “EZ” PPP loan forgiveness application. New, Revised […]

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lvarela

Wolters Kluwer Interview: Outlook on Ever-Evolving Paycheck Protection Program

Wolters Kluwer Interview: Outlook on Ever-Evolving Paycheck Protection Program “If you can look into the seeds of time, and say which grain will grow and which will not, speak then unto me.” — William Shakespeare The Paycheck Protection Program (PPP) was enacted under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) on March […]

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