Insights

The Department of Labor (DOL) has recently published Interim Final Regulations (Regulations) pursuant to changes enacted by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) which require plan administrators of defined plans [e.g., 401(k) and 403(b)] to express a participant’s current account balance both as a single life annuity and a qualified joint and survivor annuity stream on their pension benefit statements at least once every 12 months.

We have prepared this newsletter to update our readers on forthcoming compliance matters with respect to the Affordable Care Act (ACA) of 2010, as well as inform them of certain increased penalties relative to ACA.

Last month, the IRS announced increases to the User Fees related to certain requests for letter ruling and determination letter requests.

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) amended the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC) to establish a new type of multiple employer plan (MEP) called a “pooled employer plan” (PEP) that must be administered by a person called a “pooled plan provider” (PPP).

On September 2, 2020, the IRS issued guidance in the form of questions and answers interpreting several miscellaneous provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of 2019 (Miners Act) affecting qualified retirement plans, 403(b) plans and Individual Retirement Accounts (IRAs).

In addition to the social and economic impact of the pandemic, you may be wondering what effects the pandemic has on you from a tax perspective.

Early last month, President Trump signed an Executive Order in the form of a Memorandum calling for the deferral of the withholding, deposit and payment of the employees’ share of the 6.2% Social Security tax.

There are all sorts of reasons that a property needs to transition from one management company to another. Perhaps there are issues with high vacancy or tenant relations, or they may be entangled in legal troubles and are no longer able to run the property. You may also have a company that has decided to sell to another company.

Last night, August 24, 2020, the U.S. Small Business Administration (SBA) released an interim final rule (IFR) entitled Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.

As a follow-up to our recent article Localities Set Up Recovery Loan and Grant Programs, the County of Westchester Industrial […]

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2020-06 Debt – Debt with Conversion and Other Options and Derivatives and Hedging – Contracts in Entity’s Own Equity.

With each passing day, more and more Paycheck Protection Program (PPP) borrowers are focusing on loan forgiveness. Since the program first launched, we have worked with hundreds of borrowers, initially on the loan application process, and then since early June, on loan forgiveness.