Due Dates for Contributions to Retirement Plans The deadline for making contributions to an IRA, or for an employer to make contributions to its workplace-based retirement plan on account of 2019, is extended to July 15, 2020. Tax-Favored Withdrawals from Retirement Plans Coronavirus-related distributions from eligible retirement plans are not subject to the 10% excise...
keep readingRelief from Penalty from Failure to Deposit Employment Taxes Notice 2020-22 The IRS provides employers relief from the “failure to deposit” penalty imposed by IRC § 6656 for an employer’s failure to timely deposit employment taxes, to the extent that the amounts not deposited are equal to or less than the amount of refundable tax...
keep readingTrying to stay on top of all the changes to tax law regarding the impact of the COVID-19 has become a daunting task. Those of us on the front lines of this effort to keep you all up to date and in the loop are dedicated to keeping you informed. The focus of this update...
keep readingWe are constantly dissecting the comprehensive and complex Tax Cuts and Jobs Act of 2017 (TCJA). One particular change to the tax code involves changes to section 1031 – commonly referred to as Like-Kind Exchanges. The new code reads: “No gain or loss shall be recognized on the exchange of real property held for productive...
keep readingOn December 20, 2019, President Trump signed the end-of-year spending and tax extension package into law. This package includes: A five-year extension of the $1 per gallon biodiesel blenders tax credit. An extension of the Work Opportunity Tax Credit (WOTC) through the end of 2020. The WOTC is a federal tax credit available to employers that hire and...
keep readingThe IRS is conducting compliance checks into whether the credit union taxpayers are adhering precisely to information reporting requirements regarding unrelated business income. Very specifically, they are looking at income from the sale of insurance products, financial service products and ATM transaction fees. Compliance checks are reviews to determine whether a taxpayer is strictly adhering...
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