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Thursday, 25 June 2020

CARES Act Impact on Retirement Plans

Written by Samantha Brege

The IRS released that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020, to give taxpayers time to take advantage of this opportunity. Read more from the IRS on Notice 2020-51. Additionally IRS Notice 2020-50, released June 19, 2020, provided additional guidance on Coronavirus Related Distributions and Loans from Retirement Plans under the CARES Act...

Published in COVID-19
Thursday, 25 June 2020

Protect your estate with these two essential documents

Written by Thomson Reuters

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. To ensure that your wishes are carried out, and that your family is spared the burden of guessing — or arguing over — what you would decide, put those wishes in writing. Generally, that means executing two documents: A living will...

Published in Wealth Management
Thursday, 25 June 2020

Charitable giving in a time of crisis

Written by Thomson Reuters

The sudden and severe impact of the novel coronavirus (COVID-19) pandemic has created much financial stress, but the crisis has also generated an intense need for charitable action. If you’re able to continue donating during this difficult period, the Coronavirus Aid, Relief, and Economic Security (CARES) Act may make it a little easier for you to do so, whether you’re a small or large donor. Tax benefits From an income tax perspective, the CARES Act has expanded charitable contribution deductions. Individual taxpayers who don’t itemize can take advantage of a new above-the-line $300 deduction for cash contributions to qualified charities in 2020...

Monday, 15 June 2020

How Cannabis Businesses Can Turn to Payroll Tax Deferral for Financial Relief

Written by Chris Sing, CPA, CGMA, MBA

Unlike other businesses that secured federal financial relief during the pandemic, state-legal medical and recreational cannabis businesses found themselves out of luck given they’re unable to qualify for the Paycheck Protection Program loans provided through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These businesses don’t qualify for the federal assistance because they are engaged in “federally illegal” activities – applicants applying for the federal loans must certify, under penalty of perjury, that they are not engaged in “illegal” activity. As frustrating as this has been for the cannabis industry, which is managing pandemic challenges much like other industries, one form of relief – deferral of employment tax payments – is available to these businesses. Working Capital Cash Savings Under the CARES Act, employers can defer the payment of the employer share of taxes, which is a mandatory employment tax both employees and employers pay...

Published in COVID-19
Friday, 19 June 2020

Economic Injury Disaster Loan (EIDL) Considerations

Written by Ronald Knipping, CFP®

To further meet the needs of U.S. small businesses and non-profits, the U.S...

Published in COVID-19
Thursday, 11 June 2020

CARES Act Provides Short-Term, Tax-Free Liquidity Solution

Written by Jeffrey Phillips, CFA, CPA

COVID-19 revealed a clear liquidity need in the U.S., making the phrase “cash is king” ring truer than ever. The Small Business Administration reports that businesses tapped $510...

Published in Wealth Management
Wednesday, 10 June 2020

Power of Partnerships: Indianapolis Medical Group Grateful for Support

Written by The Rehmann Team

It takes a village to keep business running smoothly at JWM Neurology, especially during a global pandemic. “Nobody does the job of running a medical practice our size by themselves. If they tell you they do, they are not being truthful,” says Herschal Jacquay, executive director of JWM Neurology, a group of neurologists and sleep medicine physicians in Indianapolis, Indiana. That “village” includes a wide range of partners, from vendors and insurance agents to real estate agents and consultants—including Rehmann...

Wednesday, 10 June 2020

Stronger than Ever: Women’s Clinic Keeps Moving Forward

Written by The Rehmann Team

As 2020 began, the team at Valley OB/Gyn Clinic in Saginaw looked forward to a flurry of activity in the coming months, including opening a new clinic, renovating and relocating office space, and switching from one electronic medical record system (EMR) to another. All of this was well underway when the pandemic hit. “We had a unique situation in that prior to COVID, we were poised to have an exceptionally busy spring,” said Carmel Roberts, who serves as CEO of the private physician-owned practice that has been caring for women in their community for more than 50 years. “We went live with our new EMR on March 16, just as schools were closing and travel bans were being put into place due to COVID...

Each day, Michigan Premier Laundry ships tens of thousands of pounds of healthcare laundry.  “We’re an essential business because we support hospitals and clinics throughout Michigan,” says Ray Zolinski of operations during the COVID-19 outbreak. As necessary as they are, however, the Saginaw-based business, like so many other businesses, has been adversely impacted by the pandemic. “We went under 60 percent capacity for a while...

Wednesday, 10 June 2020

Michigan Supreme Court Resolves Uncertainty of City Income Tax Sales Sourcing

Written by Michael R. Bannasch, CPA, MST

The Michigan Supreme Court recently released an opinion on city income tax sourcing of services that resolves several years of uncertainty about what is relevant – the location of your employees or the location of your clients. We previously wrote an article about this topic in spring 2018, when the Michigan Court of Appeals issued a ruling in favor of the taxpayer. The Court of Appeals’ opinion stated that these sales should be sourced according to the location of a service provider’s clients – not to the location where the service provider’s employees performed the work. A little over two years later, in May 2020, the Michigan Supreme Court has weighed in and overturned the Court of Appeals with its decision of services to be sourced where work was performed...

Published in Tax
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