Treasury and SBA Announce Simpler PPP Loan Forgiveness Form
Treasury and SBA have announced a “simpler” version of the form used by recipients of Paycheck Protection Program (PPP) business loans of $50,000 or less to request loan forgiveness.
House Passes Revised Pandemic Relief Bill, Disagreements Remain
The House of Representatives has passed a revised version of the HEROES Act estimated at $2.2 trillion to provide pandemic relief.
Prospects Questionable for New Pandemic Relief Bill
The House of Representatives has released text of a revised COVID-19 pandemic relief bill, expected to be voted on this week before the House recesses for pre-election campaigning.
Default Withholding Rate for Periodic Retirement Plan Distributions
The IRS has issued a pre-publication version of final regulations on the default tax withholding rate to be applied to periodic and annuitized distributions from retirement plans.
House Bankruptcy Bill Would Impact Retirement Plans
H.R. 7370, the Protecting Employees and Retirees in Business Bankruptcies Act of 2020, has been introduced by Rep. Jerrold Nadler (D-NY).
IRS Announces Deadline Relief for Alabama Victims of Hurricane Sally
The IRS has announced an extension of deadlines for completing certain time-sensitive tax-related acts for Alabama victims of Hurricane Sally.
DOL’s Proposed Rule Solidifies Shareholder’s Rights
On August 31, 2020, the DOL issued a proposed rule to clarify an ERISA fiduciary’s duties related to shareholder rights, including proxy voting on corporate stock.
IRS Posts Updated Yield Curves and Segment Rates for DB Plans
The IRS has posted Notice 2020-72, guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
IRS Extends Due Date for Certain DB Plan Excise Taxes
The IRS has postponed the due date for reporting and paying an excise tax that results from a delay in making certain minimum required contributions to single-employer DB pension plans.
PBGC Final Rule Modifies Benefit Assumptions
PBGC has issued a final rule that modifies assumptions for calculating de minimis lump-sum benefits in PBGC-trusteed terminated DB plans.
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