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Annemarie Aguanno

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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Andrew Presti

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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Lisa Varela

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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Lisa Varela

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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Lisa Varela

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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