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Latest Tax
Alerts
Check out the latest tax
alert section of our website, full of links and articles for professional and personal tax news. Read
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Deadlines Extended for Qualified Opportunity Funds and Investors
The IRS has announced various extensions of deadlines ... Read
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Final Regulations Issued on FDII and GILTI Deduction
The Treasury and IRS have issued final regulations ... Read
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IRS Amends 199A Regs on Suspended Losses and RICs
The IRS amended final regulations with guidance on ... Read
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IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely
The IRS has released guidance that provides ... Read
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Wolters Kluwer Interview Outlook on Ever-Evolving Paycheck Protection Program
If you can look into the seeds of time, and say ... Read
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Presti &
Naegele
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Coronavirus-Related Distributions and Plan Loan Guidance
By: Steve Grgas, CPA, Partner
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 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 consequences;
• provides analysis and examples of repayments reporting; and
• includes safe harbors for employee certification and the plan loan payment suspension period. ... Read
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Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages
By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager
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 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 information necessary for properly claiming qualified sick leave equivalent or qualified family leave equivalent credits under the Families First Act.
Background
Under the Families First Act, many employers with fewer than 500 employees must provide... Read
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Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief
By: Andrew Presti, Senior Partner
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 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 March 13, 2020, and August 31, 2020. For nonelective contribution plans ... Read
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