2021 TWB Announced; Retirement Plan Limits to Follow
The Social Security Administration has announced the 2021 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.
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.
IRS Updates Deadline Relief for Victims of California Wildfires
The IRS has updated deadline relief for completing certain time-sensitive, tax-related acts for victims of California wildfires that began on August 14, 2020.
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 to Clarify Employee or Independent Contractor Status
The DOL has issued a notice of proposed rulemaking to clarify “the definition of ‘employee’ under the FLSA as it relates to independent contractors.”
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.
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