The U.S. Supreme Court will hear a case regarding certain issues related to the Affordable Care Act (ACA) in the next 12 months. If the ACA is ruled unconstitutional, it could eliminate the net investment income tax and Medicare surtax. These taxes applied to certain taxpayers with income in excess...
Read More
June 25, 2020 by Allison Stevens
The CARES Act includes two important provisions related to retirement accounts: a suspension of required minimum distributions and a new exception to the early withdrawal penalty. Changes to Required Distributions Normally, taxpayers are required to take a distribution from their retirement plans when they turn 72 (70 ½ for...
Read More
June 23, 2020 by Sheila Denny-Andrews
From the Minnesota Department of Employment and Economic Development website: The Minnesota Department of Employment and Economic Development (DEED) will oversee the Minnesota Small Business Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 16, 2020. This program will make available $10,000...
Read More
President Trump signed into law today the Paycheck Protection Program Flexibility Act, which addresses many concerns expressed by the business community. The Small Business Administration will need to update their guidance, but here are the highlights: Businesses have 24 weeks to spend the funds instead of 8 weeks to be...
Read More
The following information comes from our partners at Fortinet: Threat actors heavily use COVID-19 themed phishing templates. Their main target are official government sites and trusted non-governmental organizations such as the World Health Organization (WHO), Centers for Disease Control (CDC), Internal Revenue Service (IRS), and multiple governments. The majority of...
Read More