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Required Minimum Distribution
Rollover Deadline for 2020 Required Minimum Distributions Extended to August 31, 2020. 400 400 SAX - Advisory, Audit and Accounting

Rollover Deadline for 2020 Required Minimum Distributions Extended to August 31, 2020.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act waives required minimum distributions (RMDs) from defined contribution tax-qualified retirement plans and IRAs (including inherited IRAs) for 2020.  This includes 2019 RMDs for individuals with an April 1, 2020 RMD “required beginning date.”  Any RMD from a defined benefit plan is not eligible for the waiver.…

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President Executive Order
Unable to Strike Deal, President Trump Issues Executive Orders for Economic Assistance 400 400 SAX - Advisory, Audit and Accounting

Unable to Strike Deal, President Trump Issues Executive Orders for Economic Assistance

On August 8, 2020, President Trump signed four executive orders to provide economic assistance as the self-imposed deadline for Congress to reach a coronavirus relief package passed.  These four executive orders are summarized below: Unemployment Assistance: Reinstate the previously expired enhanced unemployment benefit, reducing the benefit from $600/week to $400/week through weeks of unemployment ending…

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PPP
SMALL BUSINESS ADMINISTRATION ISSUES FREQUENTLY ASKED QUESTIONS ON PPP LOAN FORGIVENESS 600 600 SAX - Advisory, Audit and Accounting

SMALL BUSINESS ADMINISTRATION ISSUES FREQUENTLY ASKED QUESTIONS ON PPP LOAN FORGIVENESS

In a much-anticipated move, the Small Business Administration (SBA), in conjunction with the U.S. Department of Treasury, issued the latest round of frequently asked questions (FAQs) on August 4, 2020.  These FAQs, which can be found here, focus on the questions and concerns that borrowers and lenders had as part of the Paycheck Protection Program…

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Federal Reserve
The Federal Reserve Will Extend Its Lending Programs Through December 31, 2020 400 400 SAX - Advisory, Audit and Accounting

The Federal Reserve Will Extend Its Lending Programs Through December 31, 2020

The Federal Reserve has announced an extension through December 31 of its lending facilities that were initially scheduled to expire on or around September 30.  The lending facilities are geared towards countering the economic downturn and aimed at credit markets, small and large businesses and corporate bonds. The extension will apply to the Primary Dealer…

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Senate
Senate Unveils $1 Trillion “HEALS Act” Coronavirus Relief Package 400 400 SAX - Advisory, Audit and Accounting

Senate Unveils $1 Trillion “HEALS Act” Coronavirus Relief Package

Following weeks of speculation and negotiations, the Senate released its latest coronavirus relief package on Monday, July 27, 2020.  Dubbed the “HEALS Act”, this $1 trillion GOP economic and stimulus package should serve as the starting point for Congressional negotiations as common ground between the Senate and the House of Representatives’ $3 trillion HEROES Act…

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Q&A: Net Investment Income (III) Tax Protective Refund Claims 150 150 SAX - Advisory, Audit and Accounting

Q&A: Net Investment Income (III) Tax Protective Refund Claims

Our July 7 article, “Net Investment Income (III) Tax Protective Refund Claims”, discussed  the potential filing of protective claims for the 2016 tax year.   Based on questions we have received so far, this article provides some additional insight on this topic. What does the opportunity to file a protective claim pertain to? The Supreme Court…

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Federal Reserve
The Main Street Lending Program is Now Available For Non-Profits 400 400 SAX - Advisory, Audit and Accounting

The Main Street Lending Program is Now Available For Non-Profits

The Federal Reserve has recently announced that the Main Street Lending Program is now available for non-profit organizations seeking COVID-19 relief. On July 17, 2020, final terms were released for two new loan options created to provide support to a broad set of non-profit organizations, including hospitals, educational institutions and social service organizations – the…

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Healthcare
Dentists Have Until July 24 to Apply for the Provider Relief Fund 400 400 SAX - Advisory, Audit and Accounting

Dentists Have Until July 24 to Apply for the Provider Relief Fund

The U.S. Department of Health and Human Services (HHS) recently announced it will now allow dentists and other dental providers to apply for relief from the Public Health and Social Services Emergency Fund (Provider Relief Fund) which they were previously ineligible for. Under the program, eligible dentists can receive reimbursement amounts equal to 2% of…

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