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May 26, 2020

Clarifying guidance on CARES Act: retirement provisions

Since the passage of “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act” the Retirement Industry has anxiously awaited guidance on a number of open questions.  During that time, regulators have issued additional relief measures designed to ease the burden on employers and their plan participants. For example, the IRS issued Notice 2020-23 on April 9, which extended many tax deadlines, including those deadlines applicable to qualified retirement plans.

May 22, 2020

CARES Act tax impacts and relief - The latest tax provisions and how they are impacting the financial industry

Recently, the Treasury Department and IRS extended several deadlines, including the federal income tax filing due date, which was extended to July 15th. Employers are allowed a deferral of the employee portion of Social Security tax from the end of March through December 31st, 2020. The Medicare portion is unchanged. Participation in the Payroll Protection Program may affect eligibility for certain relief measures.

Apr 20, 2020

COVID-19 and the CARES Act: Tax considerations and services

The coronavirus pandemic has affected us all in all aspects of our lives. Today we are evaluating how the coronavirus has impacted portfolios from a tax efficiency perspective.  To look at this situation properly, we must first revisit the market’s most impactful dates. 

Apr 16, 2020

COVID-19 loan modifications: Important accounting and reporting insights

As banks work to determine appropriate and effective loan modification options for borrowers, key questions arise around how to account for and report on these modifications. There is new guidance from Congress in the form of the CARES Act, new guidance from the regulators and new guidance from the FASB and the SEC. Much of the guidance is aimed at making operations simpler.

Mar 31, 2020

Retirement in the Time of COVID-19: Unpacking the Retirement Provisions Contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

On Friday, the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest stimulus package in American history. The CARES Act provides $2 trillion in relief to Americans and American businesses impacted by the coronavirus pandemic.

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