August 31, 2020 Earlier this month the President issued an order to the Secretary of the Treasury directing the Secretary to postpone the collection of the employee’s share of social security tax for certain wages. Specifically, the order provided that the collection of the social security taxes for wages paid between September 1, 2020 and December 31, 2020 …
August 24, 2020 Owner-employees with < 5% interest Owner-employees of an S or C corporation with less than a 5% interest are not subject to the owner-employee compensation rule. Eligibility of amounts attributable to business operation of tenant or sub-tenant or household expenses eligible for forgiveness? No. Nonpayroll costs may not include any amounts attributable …
August 20, 2020 Internal Revenue Service (IRS) Notice 2020-52, provides guidance and temporary relief for employers who may choose to reduce contributions during 2020 to their safe harbor 401(k) or 403(b) plan. Notice 2020-52: Clarifies that an employer can amend a safe harbor plan to reduce contributions made only on behalf of highly compensated employees …
August 5, 2020 On August 4th, SBA released guidance regarding the Paycheck Protection Program (PPP) loan forgiveness. Critical takeaways include: General No payments on PPP loans are required until the forgiveness amount is known and submitted to the lender by the SBA. Interest accrues at 1% from the date of loan disbursement on any unforgiven …
August 3, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team The Federal Reserve Board on Tuesday announced an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30. The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue …
July 27, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team From the Federal Reserve Board‘s announcement: The Federal Reserve Board on Friday modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. As detailed in term sheets released last week, …
July 27, 2020 COVID-19 Response Team All Providers – HHS Releases Timeline for Provider Relief Fund Reporting HHS will issue the detailed instructions on reporting obligations by August 17, 2020 but in the interim is making all practices aware of the Post-Payment Reporting Requirements. Your practice is subject to these requirements if it received more …
All Providers – HHS Releases Timeline for Provider Relief Fund Reporting Read More »
June 25, 2020 The latest from the HHS website for Medicaid and CHIP providers: Medicaid and CHIP Distribution HHS expects to distribute $15 billion to eligible providers that participate in state Medicaid/CHIP programs or Medicaid managed care plans and have not yet received a payment from the Provider Relief Fund General Distribution allocation. How are …
June 25, 2020 In IRS Notice 2020-51, the IRS announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts can take advantage of the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020, to give …
June 25, 2020 There are still a number of questions both under the original provisions and under the Flexibility Act but these insights will assist your planning. If you already have your PPP funds, we’ve identified insights for you. If you don’t have the funding yet, you must apply immediately to assure an SBA number …
Self-Employed Persons – Understanding the Payroll Protection Program (PPP) Read More »
