The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, provides additional major relief to individuals and businesses that continue to be impacted by the COVID-19 pandemic. In this blog, we will cover the latest ARPA provisions related to individual taxpayers.
Below is a list of some of the most common questions plan sponsors face, along with our brief answers.
The ERC is a refundable payroll tax credit for wages paid and health coverage provided by an employer whose operations were either fully or partially suspended due to a COVID-19-related governmental order or that experienced a significant reduction in gross receipts.
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The over 5,500-page emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals and provide funding for COVID-19 testing and the administration of vaccines.
The Department of Labor (DOL) has provided relief for plan sponsors who have been late remitting employee contributions to their service providers because of the pandemic, but plan sponsors still have an obligation to accurately document what caused the delay.
Our special guest speaker, Ben Gibbons of Holland & Hart, discusses the latest retirement plan-related COVID-19 guidance and how it impacts plan sponsors and their retirement plans.
Based on IRS rules, a partial plan termination can occur if approximately 20 percent or more of plan participants are terminated by the plan sponsor as a result of an action, such as a plant closure, a decision to downsize, or the termination of a product line. The reduction can accumulate over one or more plan years and still be classified as a partial termination.
Thanks to the CARES Act, you may now skip your Required Minimum Distribution for 2020, and pull out emergency cash, without withdrawal penalties if qualified.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, extends several key deadlines for 403(b) and defined benefit plan sponsors.