Newburg Update for 9/2/2020 – Employee Payroll Tax Deferral – IRS Notice and Employer Dilemma
https://newburg.com/employee-payroll-tax-deferral-irs-notice-and-employer-dilemma/
Back-to-School Tax Breaks on the Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available [...]
TOP TECH BALANCING ACT IN 2020: INNOVATION VS. RISK
The technology industry is proving out its resilience. As every industry responds to change and disruption, tech companies are being relied upon more than ever to accommodate remote work, food and supply access, health services, communication, connectivity and entertainment. Innovation remains imperative. While it’s difficult to predict the near-term [...]
IRS EXTENDS RELIEF FOR 2020 RMD WAIVERS AND ROLLOVERS
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, waived required minimum distributions (RMDs) from tax-qualified defined contribution retirement plans (such as 401(k) and 403(b) plans) and individual retirement accounts (IRAs) that were otherwise due in 2020 to help Americans cope with the uncertainty [...]
What Happens if an Individual Cannot Pay Taxes
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability to pay your tax liability in full keep [...]
5 Good Reasons to Turn Down an Inheritance
You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this action? Here are five reasons: 1. Gift and estate tax [...]
DOL FINALIZES RULE ON ELECTRONIC DISCLOSURE OF RETIREMENT PLAN DOCUMENTS
The Department of Labor (DOL) recently finalized a rule that makes it easier for plan sponsors to use email and internet websites to deliver certain retirement plan disclosures or other documents to plan participants. By making it easier for plans to do away with paper delivery, the new rule is expected [...]
DURING AN ECONOMIC DOWNTURN: REVIEW PLAN DESIGN AND EXPENSES TO PROTECT CASH FLOW
Managing cash flow is an ongoing priority for any business. Protecting an organization’s cash flow in times of economic distress is paramount. To retain liquidity in the short term, many organizations are examining their retirement plans for flexibility in cash outflows. Adjusting or temporarily putting a hold on employer [...]
Because of COVID-19, College-aged Children Need a Basic Estate Plan
It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as clothing, toiletries, bedding and a laptop [...]
The Tax Implications of Employer-Provided Life Insurance
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from [...]