In Notice 2020-51, the IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market. Taxpayers who already […]
Cash is King – Why Small Businesses Should Save Cash on Hand Whenever Possible
If I were to boil down small business success to just one crucial factor, I would say it’s that cash is king. Yet according to a 2016 JPMorgan Chase study, most small businesses only have about a 27-day cash buffer, and the top 25% of small businesses only have about a two-month buffer. That’s more than […]
Apple will let iPhone users change default mail and browser apps, addressing antitrust concerns
Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California, June 22, 2020. Brooks Kraft | Apple, Inc. | via Reuters Apple made two changes to its software on Monday during its WWDC conference that address concerns made by competitors that the […]
Proposed regs. explain disallowed transportation fringe benefits
The IRS issued proposed regulations (REG-119307-19) implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe (QTF) provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017. The changes were enacted in the law known as the Tax Cuts and Jobs Act […]
Employing for the first time?
Although lockdown has restricted business for many, as a payroll provider to a large number of businesses I know that some businesses have been taking on new employees over this period. There will also be individuals who have used this time to start their own business and will be planning for the costs involved in […]
Trump ‘furious’ about ‘underwhelming’ crowd at Tulsa rally
President Donald Trump pumps his fist as he enters his first re-election campaign rally in several months in the midst of the coronavirus disease (COVID-19) outbreak, at the BOK Center in Tulsa, Oklahoma, U.S., June 20, 2020. Leah Millis | Reuters President Donald Trump is “furious” at the “underwhelming” crowd at his rally in Tulsa, Oklahoma, on […]
U.S. reports 30,000 daily coronavirus cases, highest number since May 1
The U.S reported some 30,000 new coronavirus cases on Friday, the highest number of daily infections recorded since May 1, according to data compiled by Johns Hopkins University. New cases across the country are surging faster than ever, especially in states in the South, West and Midwest. Officials are warning that some clusters of infections […]
Tesla tells employees merit awards are on hold after Covid-19
Tesla employees learned on Thursday that the company has scheduled a new round of performance reviews to be completed by July 27, and plans to delay paying out merit awards previously promised to employees until after that cycle. The composition of merit awards at Tesla has varied over time, but can include raises, stock options, […]
Guidance on how to take CARES Act distributions from qualified plans
The IRS explained on Friday how qualified individuals can take coronavirus-related loans and distributions from eligible retirement plans (Notice 2020-50). Qualified individuals receive favorable tax treatment for those distributions under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. Distributions: A coronavirus-related distribution is not subject to the Sec. 72(t) 10% additional tax […]
Podcast: How to help clients make good decisions in times of transition
The emotions underlying decisions can create confusion in times of major transition like the pandemic. In this podcast, you will walk away with gems to help you have better conversations with your clients that lead to action with purpose. Tune in as Lyle Benson interviews life transition expert Susan Bradley: What are the four stages […]