Up to 1 in 5 job changes results in a missing participant; the DOL has issued guidance that addresses the fiduciary responsibilities of plan sponsors related to these plan participants and beneficiaries.
Plan sponsors must understand and comply with hardship distribution changes in both operations and plan documents before 12/31/21.
The CARES Act established the Provider Relief Fund for qualified providers of heathcare services & support to receive payments for healthcare-related expenses or lost revenue due to COVID-19. The funds come with unique compliance, reporting and audit requirements.
Here are the top five PPP FAQs or most frequently asked questions, as new guidance and enhancements complicate the PPP loan process.
Plan sponsors should work with service providers to ensure that CARES Act loans errors as a result of provisions in the Act expiring are crorrected, or take advantage of federal self-correcting programs.
The IRS is urging employers to take advantage of the newly-extended employee retention credit or ERC – which makes it easier for businesses that have kept employees on the payroll despite challenges presented by COVID-19.
Answers to some of the most common employee benefit plan sponsor FAQs since passage of the CARES Act.
While the flexibility offered by the CARES Act can alleviate short-term financial strains, employers have an important role to play in helping employees understand the long-term impact of CARES Act loans and Coronavirus-related distributions or CRDs on retirement savings and their overall retirement strategy.
In welcome news for nonproft organizations that were not eligible for the ERC in 2020 due to receiving a PPP loan, the Consolidated Appropriations Act, 2021 retroactively eliminates this limitation and extends and enhances the ERC through the first two quarters of 2021.
The CAA or Consolidated Appropriations Act, 2021 includes two tax relief acts that directly impact individual taxpayers. First is the COVID-related Tax Relief Act of 2020 (CRTRA), which provides an additional recovery rebate for individuals. The second is the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA).
The Consolidated Appropriates Act, 2021 contains significant enhancements and improvements to the Employee Retention Credit (ERC).
Coronavirus relief bill includes deductibility of expenses paid with proceeds of a forgiven PPP loan, direct payments, extension of federal unemployment benefits, extension and expansion of employee retention tax credit and more.
The CARES Act made a number of changes to the rules relating to employee fringe benefits; make sure you are up-to-date.
Whatever 2021 may hold, you will want to give consideration to these year-end tax savings strategies for businesses.
IRS addresses the question “are PPP loan expenses deductible ?” in Revenue Ruling 2020-27 but many believe it contradicts intent of Congress.
If you received a Paycheck Protection Program (PPP) loan AND want to take advantage of the R&D tax credit, make sure you understand the potential impact of PPP loan forgiveness.
Potential strategies for individuals to reduce income tax liability through 2020 year end tax planning.
Dentists who were previously ineligible can now apply for Provider Relief Fund payments from the Department of Health and Human Services.
Highlights of the Paycheck Protection Program Flexibility Act of 2020, signed into law on Friday, June 5.
SBA issued another interim final rule to help PPP borrowers with loan forgiveness applications, help PPP lenders making loan forgiveness decisions, and share the SBA process for reviewing PPP loan and forgiveness applications.