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CARES Act Update: Retirement Plan Distribution Relief
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020. Since then, the IRS has issued several Notices with additional information and guidance related to the CARES Act including the tax rules applicable to employer-sponsored qualified retirement plans and individual retirement accounts (IRAs). Individuals and plan sponsors should be aware of these key provisions.
Michigan Safety and Restart Grant Opportunities Expiring
With supplemented unemployment benefits expiring this past week and the ongoing economic impact of COVID-19, the State of Michigan is leveraging federal funding through the CARES Act to continue to support the economic recovery of small businesses in the state. Two grant programs were recently announced, with funding up to $20,000 for qualified applicants. The application periods on both grants
New Tax Form 941 due July 31, 2020
The IRS has revised Form 941 beginning with the filing of the 2nd Quarter of 2020, in conjunction with reporting the various Covid-19 tax credits and deductions. Please use this as a reference to assist in reviewing the information that has been filed on Form 941 by your company or your payroll provider.
How The SECURE Act Impacts Parents and Grandparents (Pt. 2)
In Part 1 of our blog series on the SECURE Act, we discussed changes to individual retirement plans. In this article, we will explore how the SECURE Act offers improved flexibility for college savings plans and provides financial relief options for new parents.
Your Individual Retirement Plan and The SECURE Act (Pt. 1)
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law by President Trump. The SECURE Act made many significant changes to the treatment of retirement and other savings plans and corrected a few unfavorable changes that had been put in place from the TCJA.
Three Reasons To Have a 401(k) Audit
A 401(k) plan is a common retirement savings option that is offered by many employers to their employees. It’s important that companies know once an active participant threshold of 100 is met, the US Department of Labor (DOL) requires a certified audit of your 401(k) plan by a CPA firm. This is because there are risk factors that could impact