BLS Insights

Discover the depth of BLS knowledge and information.

Month: June 2020

The Need for Estate Planning

June 30, 2020

With the basic exclusion amount over $11.5 million and growing, along with the availability to port a married decedent’s unused exclusion, most individuals will not have a federal or state estate tax liability. For this and other reasons, many Americans are wrongfully thinking there is no longer the need for estate planning. This couldn’t be … Continued

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COVID-19 Update: Additional Guidance on Taking Coronavirus-Related Distributions from IRAs and Employer Plans

June 26, 2020

The IRS recently issued Notice 2020-50 which provides further guidance and rules for taxpayers who take coronavirus-related distributions (CRDs) from their IRA or employer retirement plans. Here is what you need to know now. The CARES Act passed by Congress back in March, provided taxpayers the ability to take CRDs from their IRA or employer … Continued

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COVID-19 Update: IRS Provides Additional Guidance for 2020 Waiver of Required Minimum Distributions

June 24, 2020

Originally Posted 6.24.2020 – Updated 6.29.2020 On June 23, the IRS issued Notice 2020-51 which provides additional guidance for those who otherwise needed to take required minimum distributions (RMDs) from IRAs and certain employer retirement plans during 2020 and now wish to roll those funds back into a qualified plan under the CARES Act provision … Continued

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SECURE Act: Changes to IRA Contributions and Retirement Plan Distributions

June 18, 2020

The SECURE Act made several positive changes including expanding the availability of being able to contribute to an IRA beyond age 70 ½ and increasing the age to 72 for when individuals have to begin taking retirement plan distributions. The Act, with certain exceptions, does away with the “stretch IRA” and replaces it with a … Continued

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When Does a Nonprofit’s PPP Loan Convert from a Liability to Revenue?

June 15, 2020

Accounting for PPP Loans: When does a Nonprofit’s PPP Loan Convert from a Liability to Revenue? With the introduction of the CARES Act, our firm created a library of resources, mostly focused on the Paycheck Protection Program (PPP), to help entities, including nonprofit organizations, navigate the post-pandemic environment. However, lacking within the sea of resources … Continued

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COVID-19 Update: Additional Guidance on the PPP Flexibility Act and New Application Forms Released

June 11, 2020

Late last night, the Treasury released an interim final rule with additional guidance regarding H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020). Updated application forms for borrowers and lenders were also released. Below is an outline of highlighted changes from the guidance: Extends eligibility for the program from June 30, 2020 to December 31, … Continued

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COVID-19 Rules for Hardship Distributions and Loans

June 11, 2020

In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and either report the income over a 3-year period or repay the distributions within 3 years and avoid paying any tax. The Act also provides employees … Continued

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COVID-19 Update: Congress Agrees on Favorable Changes to Paycheck Protection Loans – What Does it Mean for Borrowers?

June 04, 2020

Yesterday, the Senate approved H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020), a bill that amends several provisions of the Paycheck Protection Program (PPP). The bill, which passed the House last week and now heads to the President’s desk for signature, will provide relief for borrowers as they seek forgiveness of their PPP loans. … Continued

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