DOL Issues Interim Rule on Lifetime Income Disclosure
(authored by RSM US LLP) The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.
$10,000 SALT Cap Continues to Receive Attention
One of the little-known provisions of the House of Representatives’ HEROES Act could have big impacts for high-income taxpayers and small businesses later on as tax policies continue to be reevaluated.
New Student Loan Rules Provide Great Benefits for Businesses and Individuals
The federal government has provided new tax savings opportunities for student loans in the CARES Act and the SECURE Act, both of which can help reduce the overall cost of paying down student loans.
How the CARES Act Directly Helps Individuals
A central tenet of the CARES Act is providing immediate relief to individuals struggling as a result of the coronavirus epidemic.
Business Benefits Available, Courtesy of the CARES Act
The historic $2.2 Trillion CARES Act provides several business tax benefits, some of which can quickly provide cash flow.
Forgivable Small Business Loans – How the $2 Trillion Stimulus Bill Can Help You
As business owners struggle with the effects of the coronavirus epidemic, Congress is on the precipice of enacting landmark legislation aimed at keeping the economy afloat over the next several months.
IRS Issues Tax Extension Guidance for Taxpayers
On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.
Tax Filing Deadline Extended 90 Days
This morning, the US Treasury Secretary stated “We are moving Tax Day from April 15 to July 15” on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
Tax Developments: Payment Deadline Changes and New Legislation
Late Wednesday afternoon, Treasury released Notice 2020-17, which defined the previously discussed payment extensions. Tax payments due April 15, 2020, including both 2019 income tax payments and 2020 estimated income tax payments, are postponed until July 15, 2020.
Deferral of Tax Payments
On March 17, 2020, Secretary of Treasury Steve Mnuchin announced the IRS will allow taxpayers to delay federal tax payments for 90 days after their due dates. This delay is both interest and penalty-free. For individuals, they can defer up to $1,000,000 of taxes owed