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IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law

IR-2020-162, July 17, 2020

WASHINGTON — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs do not require withdrawals until after the death of the owner. 

IRS provides guidance on recapturing excess employment tax credits

WASHINGTON — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary.

The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response Act (Families First Act) and Coronavirus Aid, Relief and Economic Security Act (CARES Act).

New Employer Tax Credits

Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit. 

Getting a Handle on Financial Fraud

From playing games with tax returns to fiddling with the company's books, fraud is a widespread and complicated problem. You need an expert to address fraud issues. Click through for an intro to fraud and how CPAs can help.

Is This the Right Time to Build an E-Commerce Business?

The idea of launching a new business in the midst of the COVID-19 pandemic may seem like a radical thing to do. In the long run, however, it may help to keep your business viable well into the future. Click through for some compelling advice.

Human Performance as a Factor in Cybersecurity

Cybersecurity has always ranked high on the list of business priorities, but the current shift to online services and remote work has forced companies to address the human factor. Click through to read how technology alone may not solve your security issues.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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