With the Dec. 31 deadline approaching, plan sponsors should act quickly to examine whether these changes were made to their plans.
Summer 2021 Nonprofit Standard Newsletter
Stay abreast of the continuing impacts the coronavirus is having on the nonprofit industry and ways to adapt to all the changes, as well as to catch up on key trends in the nonprofit industry!
The Tax Implications of Paycheck Protection Program Loan Forgiveness
Now that the dust has settled on the three rounds of PPP loan funding, it important to consider the tax implications of these loans and the forgiveness thereof.
Spring 2021 Nonprofit Standard Newsletter
Stay abreast of the continuing impacts the coronavirus is having on the nonprofit industry and ways to adapt to all the changes, as well as to catch up on key trends in the nonprofit industry!
Hardship Distributions: What Retirement Plan Sponsors Need to Know About Complying With Recent Changes
These changes are designed to make it easier for participants to access funds from their 401(k) plans if they are experiencing significant financial hardship, and several changes apply to 403(b) plans as well. Some of these provisions were optional from 2018 to 2019 but became mandatory in 2020 for plan sponsors that chose to allow hardship distributions.
What Individuals Need to Know About the American Rescue Plan Act
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.
FAQs For Plan Sponsors and Employees on Cares Act Relief
Below is a list of some of the most common questions plan sponsors face, along with our brief answers.
Employee Retention Credits for Nonprofits
The Consolidated Appropriations Act signed into law on December 27, 2020 changed the ERC program and it is now available to employers who also received the PPP Loans and meet certain requirements.
New Stimulus Package Extends and Expands Employee Retention Credit
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.
SBA Issues Guidance on How to Apply for More PPP Funds
On January 6, 2021, the federal Small Business Administration (SBA) released interpretations of the new provisions for additional funds available under the Paycheck Protection Program.