How Internal Audit’s Role Can Evolve in Today’s COVID-19 Environment
The COVID-19 pandemic has caused a shift in how many internal audit functions operate within businesses.
FAQs About the Employee Retention Credit and Refundable Tax Credits
The Paycheck Protection Program helped more than four million businesses continue to pay their employees during the coronavirus pandemic.
Changes to Not-for-Profit Reporting Requirements of In-Kind Contributions
When it comes to charitable donations, cash might be king, but in-kind contributions play a vital role, too. Donated services and tangible or intangible goods can be sources of revenue and cost savings.
Congress Approves Extension to Apply for PPP Funds
On Wednesday, July 1, the House passed Senate Bill S.4416 by unanimous consent. The bill, which extends the timeline to apply for PPP funds through August 8, 2020, is headed to the President’s desk for signature.
Deduct Some Losses Due to COVID-19 on Your 2019 Taxes
Over the past several weeks, there has been a lot of attention regarding the tax provisions and federal loan programs such as the Paycheck Protection Program included in the CARES Act.
Expanded Relief to Plan Participants for Coronavirus-Related Distributions
On June 19, 2020, the IRS issued Notice 2020-50 that expands the categories of individuals eligible for plan distributions and plan loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
IRS Allows the Ability to Rollover Required Minimum Distributions in 2020
On Tuesday, June 23, 2020, the IRS issued a notice clarifying the recent waiver of required minimum distributions (RMD) from retirement plans in 2020.
New PPP Loan Forgiveness Applications Released
On Tuesday, June 16th, Treasury and the SBA released updated PPP loan forgiveness applications, including an alternative EZ application that is designed to simplify the process for those who meet certain criteria.
PPP Flexibility Act Payroll Guidance
The SBA recently released guidance on two major issues in the PPP Flexibility Act. The first addresses the PPP Flexibility Act's adoption of a 24-week covered period, in lieu of an 8-week covered period, regarding payroll.
What Can Plan Sponsors Do Now to Free Up Cash?
Even when the economy isn’t closed due to a pandemic, many employers find meeting their contribution obligations to their employer-sponsored retirement plans a challenge to honor.