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Wayne Naegele

COVID-19 Relief Bill

December 22, 2020 Dear Clients, Colleagues and Friends, On Sunday night, it was announced that a deal was reached on a $900 billion COVID aid bill, which includes financial assistance and provisions for households and businesses. At the time of this email, the final version of the bill has passed in the House of Representatives […]

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Tracy Tasch

Proposed Regs Address State and Local Tax Payments by Partnerships, S Corporations

Proposed Regs Address State and Local Tax Payments by Partnerships, S Corporations The IRS intends to issue proposed regulations to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation are deductible by the partnership or S corporation in computing non-separately stated taxable income for the year […]

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Tracy Tasch

Life Expectancy and Distribution Period Tables for RMDs Updated

Life Expectancy and Distribution Period Tables for RMDs Updated The IRS has issued final regulations to update the life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The tables reflect the general increase in life expectancy. The tables would apply for distribution calendar years beginning on or after January 1, 2022, […]

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Tracy Tasch

Guidance on Form W-2 Reporting of Deferred Employee Tax

Guidance on Form W-2 Reporting of Deferred Employee Tax The IRS has released guidance on its website for employers and employees regarding deferral of employee Social Security tax under Notice 2020-65, I.R.B. 2020-38, 567. In August, the IRS issued Notice 2020-65 in response to a Presidential Memorandum that allowed deferral of the withholding, deposit, and payment of certain […]

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Tracy Tasch

Guidance for Applying New, Proposed Bonus Depreciations Regs

Guidance for Applying New, Proposed Bonus Depreciations Regs The IRS has provided guidance to taxpayers that want to apply either Reg. §1.168(k)-2 and Reg. §1.1502-68, or want to rely on proposed regulations under NPRM REG-106808-19, for: certain depreciable property acquired and placed in service after September 27, 2017, by the taxpayer during its tax years ending on or after […]

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