Certain withdrawals from retirement plans are exempt from the 10% tax imposed under Section 72(t) for early withdrawals. Covered Plans include: • Individual retirement accounts and individual retirement annuities • 401(k) plans • 403(a) plans • 403(b) plans • Qualified pension, profit-sharing or stock bonus plans Withdrawals: • The maximum amount that may be treated […]
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The CARES Act makes two significant changes with respect to retirement plan loans to help people with COVID-19 hardships. Note that these provisions only affect an Qualified Individual, which is an individual who: 1. Is diagnosed with SARS-CoV-2 or COVID-19 by a test approved by the CDC, or 2. Whose spouse or dependent is diagnosed […]
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Section 2301 of the CARES Act provides for a refundable credit against employment taxes equal to 50 percent of the qualified wages with respect to each employee. There are numerous limitations and definitions that limit the scope and eligibility for the credit. However, for certain employers impacted significantly by COVID-19 shutdowns and who are maintaining […]
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Employers are potentially eligible for an Employee Retention Credit for 50% of payroll taxes on qualifying wages paid to employees. Employers eligible include for-profit and not-for-profit organizations that conducted a trade or business during calendar year and the operation of the trade or business is fully or partially suspended pursuant to an order from an […]
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In New York, Senate Bill S8090 was introduced at the request of the Governor. It is expected to be adopted an signed by Governor Cuomo this week. The law would create sick leave relating to the Coronavirus pandemic and would implement permanent sick leave provisions affecting all employers. Coronavirus (COVID-19) Provisions: Employers are split into […]
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