The document summarizes several business provisions from the CARES Act. It outlines an employee retention credit that provides a refundable tax credit for 50% of wages paid by employers who have suspended business operations or have seen gross receipts decline by 50%. It also details how employers can defer paying their portion of 2020 payroll taxes until future years. The CARES Act modifies net operating loss rules and excess business loss limitations for tax years 2018-2020. It increases tax deductions for qualified improvement property and raises business interest deduction limits for 2019-2020.
Budget 2015 : A crisp analysis of Income Tax provisions by Blue Consulting Pv...Chandan Goyal
I am pleased to share a whitepaper on Budget 2015- Income Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
Generally speaking, real estate fared well under the Tax Cuts and Jobs Act (TCJA). This document provides a recap of the key areas of real estate that were impacted by the new tax law. www.cbiz.com
Budget 2015 : A crisp analysis of Income Tax provisions by Blue Consulting Pv...Chandan Goyal
I am pleased to share a whitepaper on Budget 2015- Income Tax provisions, crisply analyzed, ready for your personal use.
The format has been designed keeping in mind your reading convenience.
Relevant Sections and the dates of applicability have been mentioned for each taxation provision.
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
Generally speaking, real estate fared well under the Tax Cuts and Jobs Act (TCJA). This document provides a recap of the key areas of real estate that were impacted by the new tax law. www.cbiz.com
Understanding Income Tax - Profits & Gains of Business or Profession [Sec 36 ...DVSResearchFoundatio
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation of 'Profits and gains of business or profession' (PGBP). In this Webinar, we shall look at the general admissible deductions, amounts not deductible, deductions subject to payments, Computation of income in case of construction and service contracts, Insurance business, etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
Dividend Income
For the purposes of inclusion in the total income of an assessee,—
(a) any dividend declared by a company or distributed or paid by it within the meaning of section 2(22)(a)/(b)/(c)/(d)/(e) shall be deemed to be the income of the previous year in which it is so declared, distributed or paid, as the case may be;
(b) any interim dividend shall be deemed to be the income of the previous year in which the amount of such dividend is unconditionally made available by the company to the member who is entitled to it.
Final draft of icab application level taxation 2 syllabus weight based question & answer bank covering finance act 2017 (may june 2018 exam early bird preparation version
Understanding Income Tax - Profits & Gains of Business or Profession [Sec 36 ...DVSResearchFoundatio
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation of 'Profits and gains of business or profession' (PGBP). In this Webinar, we shall look at the general admissible deductions, amounts not deductible, deductions subject to payments, Computation of income in case of construction and service contracts, Insurance business, etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
Dividend Income
For the purposes of inclusion in the total income of an assessee,—
(a) any dividend declared by a company or distributed or paid by it within the meaning of section 2(22)(a)/(b)/(c)/(d)/(e) shall be deemed to be the income of the previous year in which it is so declared, distributed or paid, as the case may be;
(b) any interim dividend shall be deemed to be the income of the previous year in which the amount of such dividend is unconditionally made available by the company to the member who is entitled to it.
Final draft of icab application level taxation 2 syllabus weight based question & answer bank covering finance act 2017 (may june 2018 exam early bird preparation version
The Long Lasting Impact of Tax Reform- NYC- Event- 1/24/18Citrin Cooperman
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in NYC to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies.
The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
We are excited to share our annual Clients Circular on the amendments by Finance Act 2020.
The writeup covers important amendments that impact you directly and consciously we have avoided to mention the amendments which are procedural in nature. This writeup we believe would help you in complying with the law during the new financial year now underway.
Do get back to us if you have any questions and we would be delighted to help you out.
Strategic and proactive tax planning is key to saving taxes. The recent US Tax Reform signed into law by Trump creates new opportunities (and preserves some of the old) to plan and maneuver the tax code.
6 Tax Considerations for the Real Estate Sector under Recent COVID-19 Legisla...CBIZ, Inc.
Tax planning may not be a priority as real estate groups respond and recover to COVID-19 pandemic disruption, but recent legislation provides some significant opportunities that are worth a closer look. This article discusses the careful consideration and planning required to determine an appropriate strategy to optimize income tax obligations under these provisions.
CBIZ Commercial Real Estate Hot Topics Newsletter - June-July 2020CBIZ, Inc.
This issue offers links to webinars and articles addressing COVID-19 issues like PPP forgiveness, specific tax considerations for the CRE sector, preparing for cybersecurity questions from your auditor, the P&C market outlook and associated insurance planning insights, keys for a smooth transition to the new normal, and two QOZ topics – one on IRS pandemic deadline relief and a guest article on the role OZ funds can play at both the community and national levels.
Understanding the New Tax Law: Private Equity FundsCBIZ, Inc.
Changes under the new tax law are mixed for sponsors of private equity funds. While tax rates for both businesses
and individuals decrease, portfolio and asset management activities are ineligible for the qualified business income deduction available to pass-through entities.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
What Is Life After Coronavirus? New Tax-Related Provisions For Increased Cash...Rea & Associates
Presented by Rea & Associates and featuring Christopher Axene, CPA, and Greg Speece, CPA, this one-hour webinar will help you learn about the major tax provisions included in recent legislation, discussion of tax planning opportunities, and what you may expect in the future.
Specifically, you will hear:
• Insights on the major tax provisions included in recent COVID 19 legislation that impacts the cash flow for small to mid-size businesses and individuals.
• How recent provisions put in place will interact with other non-tax provisions of COVID-19 legislation, and the impact that it will have on businesses.
• Guidance about tax planning opportunities and discussions about what we still don’t know, the clarification we expect to receive, and resources to help guide your business.
For more insight and information into the financial resources for business owners, please visit https://www.reacpa.com/coronavirus to view our dedicated COVID-19 resource center. You can also visit https://www.reacpa.com/covid19-webinar-series to view this webinar and many others in our What Is Life After Coronavirus webinar series.
For additional questions, you can contact us directly at rea.news@reacpa.com.
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
The bill introduced as the Tax Cuts and Jobs Act (TCJA) was signed into law by the President on December 22, 2017. It is the most far reaching tax change to affect the real estate sector since the Tax Reform Act of 1986. Generally speaking, real estate fared well under the new law.
The Chapter comprises of Carry Forward and Set Off of Losses in the case of Companies, Computation of Taxable Income of Companies; Computation of Corporate Tax Liability; Minimum Alternate Tax; and Tax on Distributed Profits of Domestic Companies. Surcharge, Minimum Alternate Tax, Problems on MAT.
The Finance Act, 2022 has inserted a new section 79A to the Income-tax Act to restrict set off of losses consequent to search, requisition and survey. It has been provided that in case the total income of any previous year of an assessee includes any undisclosed income detected as a result of:
(a) Search initiated under section 132; or
(b) A requisition made under section 132A; or
(c) A survey conducted under section 133A other than under section 133A(2A).
Then, no set-off of any loss, whether brought forward or otherwise, or unabsorbed depreciation, shall be allowed against such undisclosed income while computing the total income of the assessee for such previous year.
The total income of accompany is also computed in the manner in which income of any assessee is computed. A company is assessed in its own name; i.e. a company pays tax on its income as a distinct unit. A tax paid by a company is not deemed to have been paid on behalf of its shareholders. It is determined as follows:
1. First ascertain income under the different heads of income.
2. Income of other persons may be included in the income of the company under sections 60 and 61( para 206 and 207)
3. Current and brought forward losses should be adjusted according to the provisions of sections 70 to 80 (as per para 226 to 233).Para 335 of section 79 provides all the provisions regarding set off and carry forward of losses of closely held companies.
4. The total income so derived under computation of different heads of income is “Gross Total Income”.
5. Following deductions are allowed from the Gross total income so computed, under section 80C to 80 U
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
Similar to 2020 The Business Provisions of the CARES Act (20)
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
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An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
2. CARES ACT
BUSINESS PROVISIONS
• Paycheck Protection Plan (PPP Loans) – covered in-depth
in a different webinar
• Employee Retention Credit
• Delayed Payment of Employer Payroll Taxes
• Modifications for Net Operating Losses
• Excess Business Losses of Non-Corporate Taxpayers
• Depreciation of Qualified Improvement Property
• Business Interest Deduction Limitation
• Employer-Paid Student Loans
• Pension-related Provisions
3. EMPLOYEE RETENTION CREDIT
• Credit of 50% of qualified wages paid to employees who are
not working due to the employer’s full or partial suspension of
business or a significant decline in gross receipts.
• The credit is claimed on a quarterly basis
• What is covered?
– Wages, including employer-paid health insurance
– Limited to $10,000 (annual total) per employee
– Applies against the Employer’s portion of Social Security
Taxes.
4. EMPLOYEE RETENTION CREDIT
Eligible Employer
• Trade or business is fully or partially suspended during the
calendar quarter due to orders from an appropriate
governmental authority limiting commerce, travel, or group
meetings (for commercial, social, religious, or other purposes)
due to the coronavirus disease (COVID-19); or
• Experiences a 50% decline in gross receipts for the calendar
quarter compared to the same quarter in the prior year.
Note: if an employer receives loan forgiveness under another
provision of the CARES Act (such as PPP Loan forgiveness), then
they are not eligible for this credit.
5. EMPLOYEE RETENTION CREDIT
Qualified Wages
• Wages paid from March 13, 2020 through December 31, 2020.
• If the employer has more than 100 full-time employees,
qualified wages are wages paid to employees who cannot
work during the COVID-19-related circumstances described
above.
• If the employer has 100 or fewer full-time employees, all
employee wages qualify for the credit, whether the employer
is open for business or subject to a shut-down order.
6. EMPLOYEE RETENTION CREDIT
Credit Limitations
• Credit is limited to the Employer’s portion of Social Security Tax,
reduced by:
– Qualified veterans employment [under IRC §3111(d)]
– Qualified small business research expenditures [under IRC
§3111(f)], and
– Required qualified sick leave & family leave wages paid
(FFCRA)
• If there is a shortfall in employer Social Security tax then the
difference is a refundable tax credit, which can be applied
against other payroll taxes, and/or be claimed on Form 7200.
11. DELAYED PAYMENT OF
EMPLOYER PAYROLL TAXES
• Payroll taxes due from the period beginning on March 27,
2020, the date the CARES Act is signed into law, and ending on
December 31, 2020 can be deferred. The total payroll taxes
incurred by employers and 50% of payroll taxes incurred by
self-employed persons qualify for the deferral.
• The employer portion of payroll taxes due from the period
beginning on March 27, 2020 and ending on December 31,
2020 are deferred. During this payroll tax deferral period, the
total payroll taxes incurred by employers and 50% of payroll
taxes by self-employed individuals incurred for OASDI qualify
for the deferral.
– 50% of the deferred payroll taxes are due on December 31,
2021; and
– the remaining 50% is due on December 31, 2022.
12. DELAYED PAYMENT OF
EMPLOYER PAYROLL TAXES
Excluded Employers
• Any taxpayer that has had debt forgiven under Act Sec. 1106 of
the CARES Act (regarding a loan guaranteed under the
Paycheck Protection Program of the Small Business Act (15
U.S.C. 636(a)(36))), [PPP Loan with Forgiveness] or
• debt forgiven under Act Sec. 1109 of the CARES Act (regarding
loans under U.S. Treasury Program Management Authority)
(Act Sec. 2302(a)(3) of the CARES Act).
13. MODIFICATIONS FOR
NET OPERATING LOSSES
• Net operating losses (NOLs) arising in tax years
beginning in 2018, 2019, and 2020 have a five-year
carryback period and an unlimited carryforward
period.
• The provision limiting an NOL deduction to 80
percent of taxable income does not apply to NOLs
arising in these years.
• A technical correction concerning taxpayers with a
2017/2018 fiscal year clarifies that the elimination of
the former two-year carryback period applies to
tax years beginning after 2017 and not to tax years
ending after 2017.
14. EXCESS BUSINESS LOSSES OF
NON-CORPORATE TAXPAYERS
• The limitation on the deduction of excess business losses for
noncorporate taxpayers will not apply for tax years beginning in
2018, 2019, and 2020. The deduction limitation will apply for tax
years beginning after December 31, 2020. A number of technical
amendments clarify the computation of the deduction.
• Under the TCJA of 2017, a noncorporate taxpayer is not allowed
to claim a deduction for excess business losses for tax years
beginning after December 31, 2017, and before January 1, 2026.
Any disallowed excess business losses are treated as part of the
taxpayer’s net operating loss (NOL) carryover to the following
tax year. The taxpayer applies the at-risk rules and passive
activity loss rules before application of the rules for excess
business losses. However, during the period that excess
business losses are disallowed, the limit on excess farm losses
of a noncorporate taxpayer do not apply (IRC §461(l)).
15. EXCESS BUSINESS LOSSES OF
NON-CORPORATE TAXPAYERS
• An excess business loss is the excess, if any, of
the taxpayer’s aggregate deductions for the tax
year from the taxpayer’s trades or businesses,
determined without regard to whether or not
such deductions are disallowed for such tax year
under the excess business loss limitation; over
the sum of:
– The taxpayer’s aggregate gross income or gain for the tax year
from such trades or businesses; plus:
– $250,000, adjusted annually for inflation ($255,000 in 2019, $259,000
in 2020) [single taxpayer] or (200 percent of the $250,000 amount
for a joint return: $510,000 in 2019 and $518,000 in 2020).
16. EXCESS BUSINESS LOSSES OF
NON-CORPORATE TAXPAYERS
• For a partnership and S corporation, the
limit is applied at the partner or
shareholder level.
• A taxpayer subject to this limitation on a
2018 tax return should consider amending
their 2018 for the limitation to be waived.
17. EXCESS BUSINESS LOSSES OF
NON-CORPORATE TAXPAYERS
Technical amendments. The excess business loss computation is clarified:
• Aggregate deductions in determining the loss are computed without regard
to any deduction allowable under IRC §172 for net operating losses (NOLs) or
IRC §199A for qualified business income (QBI) (IRC §461(l)(3)(A)(i), as amended
by the CARES Act).
• Deductions for losses from sales or exchanges of capital assets shall not be
taken into account for purposes of aggregate deductions in determining the
loss (IRC §461(l)(3)(B)(i), as added by the CARES Act).
• The taxpayer’s aggregate gross income or gain for the tax year from its trades
or businesses, plus $250,000, ($500,000 for joint returns) (adjusted annually for
inflation) is determined without regard to any deductions, gross income, or
gains attributable to any trade or business of performing services as an
employee (IRC §461(l)(3)(A), as amended by the CARES Act).
• The amount of gains from sales or exchanges of capital assets taken into
account in determining aggregate gross income or gain may not exceed the
lesser of (1) the capital gain net income determined by taking into account
only gains and losses attributable to a trade or business, or (2) the capital gain
net income (IRC §461(l)(3)(B)(ii), as added by the CARES Act).
18. DEPRECIATION OF QUALIFIED
IMPROVEMENT PROPERTY
The CARES Act now enables businesses to depreciate qualified
improvement property over a 15-year recovery life under Modified
Accelerated Cost Recovery System (MACRS) retroactively for tax
years beginning after December 31, 2017, adding a technical
correction under the Tax Cuts and Jobs Act (TCJA). In addition,
qualified improvement property placed in service after December
31, 2017 can qualify for 100% bonus depreciation.
Action steps to take for qualified improvement property:
• If taxpayers only filed one return using a 39-year recovery period
(e.g., a calendar year taxpayer who has not filed a 2019 return),
the taxpayers may file an amended return to correct the
recovery period or may file Form 3115 with their current year
return; or
• If taxpayers filed 2 or more years of returns using a 39-year
recovery period, the taxpayers will need to file Form 3115.
19. BUSINESS INTEREST
DEDUCTION LIMITATION
TCJA 2017 limited this to 30% for businesses with over $25 Million in average
gross receipts, with some exceptions.
Under the CARES Act, the business interest deduction limit increases to 50
percent of the taxpayer’s adjusted taxable income (ATI) for the 2019 and 2020
tax years. In the case of a partnership, however, the 50 percent limitation
applies only for the 2020 tax year. A taxpayer may also elect for the 2020 year
only to use its 2019 ATI in calculating the limitation.
• Partner in Partnership – 50 percent of the excess business interest allocated
is treated as business interest paid or accrued by the partner in the
partner’s first tax year beginning in 2020 but only if the partner is not
otherwise subject to the IRC §163(j) limit in that year;
• 50 percent of the excess business interest allocated is treated as business
interest paid or accrued by the partner in the next succeeding tax year, but
only to the extent the partner is allocated excess taxable income or excess
business interest income from the partnership in the succeeding year.
20. EMPLOYER-PAID
STUDENT LOANS
Student loan payments made by an employer paid after March 27, 2020 and
before January 1, 2021 can be excluded from the employee’s income up to
$5,250. Any payments in excess of $5,250 would still be subject to income and
employment taxes. [§127(a)]
• Employer’s plan requirements to qualify:
• The Employer must have a nondiscriminatory educational assistance plan,
• The plan must exclude payments for the following:
– tools or supplies (other than textbooks) that the employee may retain after
completing a course of instruction;
– meals, lodging, or transportation; or
– education, involving sports, games, or hobbies, unless the education involves
the employer's business, has a reasonable relationship to an activity
maintained by the employer for profit or is required as part of a degree
program.
21. EMPLOYER-PAID
STUDENT LOANS
• The plan must be in writing, and must comply with
the provisions of IRC §127.
• No more than 5% of the amounts paid can go to
owners of more than a 5% ownership interest in
the business (attribution rules apply). [127(b)(3)]
• Double Benefits: No deduction is allowed for
student loan interest payments made by the
employer that are excluded from the employee’s
gross income.
22. RETIREMENT FUNDS
There are some special provisions relating to
retirement accounts, including the following:
• Waiver of the 10% early withdrawal penalty.
• No Required Minimum Distributions (RMDs) for 2020
• IRA deadline for 2019 is now July 15, 2020.
For certain qualifying employees (most won’t qualify)
• Changes to Withdrawal provisions and Loan
provisions
23. AT COOK MARTIN POULSON WE ARE
CONSTANTLY STRIVING TO MAKE A
DIFFERENCE IN PEOPLES LIVES.
We would love to find additional ways to help you solve the problems that keep
you awake at night. Please contact us at 801-252-5649 for our Salt Lake City
professionals or 435-258-7405 for our Logan professionals.
If you would like further information please check out our resources page here:
https://cookmartin.com/coronavirus/
If you would like a copy of these slides and other resources, please email Megan
Walker:
mwalker@cookmartin.com
info@cookmartin.com
Salt Lake:
(801) 252-5649
Logan:
(435) 258-7405