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Thomas Zanata

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individual Retirement Accounts (IRAs). Under the CARES Act, individuals eligible for coronavirus-related relief may […]

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Elias Koumniotes

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and […]

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Wayne Naegele

PPP Forgiveness Application Update

August 31, 2020 Dear Clients, Colleagues and Friends, After a fast-paced roll out followed by subsequent sets of modifications to COVID-19-related government legislation and assistance programs, such as the PPP & EIDL, there has been a lull in significant updates for the past several weeks. Although these changes appear to be leveling off, we have […]

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Steve Grgas

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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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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