The CARES Act waives all required minimum distribution (RMD) for 2020, regardless of whether the taxpayer has been impacted by COVID-19. Taxpayers who already took a RMD in 2020 from certain retirement accounts now have the opportunity to roll those funds back into a retirement account by August 31, 2020.  Click here to read more about 2020 RMDs.


Click here to read how SBA clarifies the payroll cap on cash compensation for the 24-week covered period.


The SECURE Act becomes effective January 1, 2020 and includes many changes for retirement plans.  Click here to find out what changes are taking place as well as tax extenders. 


Our May 2020 ClientLine Newsletter is now available.


The 2019-2020 Tax Planning Guide is now available. See how it can help lower your taxes.  


Click here to read about Virginia's conformity to the TCJA and Bipartisan Budget Act of 2018. 


What is the South Dakota vs Wayfair Supreme Court decision and how will it affect you?

Tax Alerts
December 05, 2020
Tax Briefing(s)

The IRS has released the annual inflation adjustments for 2021 for the income tax rate tables, and for over 50 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation.

The IRS has released the 2021 cost-of-living adjustments (COLAs) for pension plan dollar limitations and other retirement-related provisions.

The U.S. Supreme Court heard oral arguments in California v. Texas, the latest challenge to the Affordable Care Act (ACA). The ACA expanded insurance coverage, and includes popular provisions such as required coverage of preexisting medical conditions.

The IRS has provided guidance to taxpayers that want to apply either Reg. §1.168(k)-2 and Reg. §1.1502-68, or want to rely on proposed regulations under NPRM REG-106808-19.

The IRS has issued final regulations to update the life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The tables reflect the general increase in life expectancy. The tables would apply for distribution calendar years beginning on or after January 1, 2022, with transition relief.

The IRS has released guidance on its website for employers and employees regarding deferral of employee Social Security tax under Notice 2020-65, I.R.B. 2020-38, 567.

The IRS intends to issue proposed regulations to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation are deductible by the partnership or S corporation in computing non-separately stated taxable income for the year of the payment. The proposed regulations are intended to provide certainty to individual partners and S corporation shareholders in calculating their state and local tax (SALT) deduction limitations.

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