IRS Notice 2020-51 was released on June 23rd and makes significant changes to the rules governing RMDs under the CARES Act. For example, any 2020 RMD that was taken may be rolled over by August 31st regardless of when the RMD was taken.
We have posted a memorandum summarizing these changes under the Education Center tab.
Many businesses have obtained Payroll Protection Program (PPP) loans and will now be required to complete the Loan Forgiveness Application.
The application is complicated and we have posted under the Education Center tab a great 27-page article from Forbes Magazine that provides a deep-dive into completing the application..
Please give Lee Jennings a call at (630) 802-7644 for more information.
Ask how we can assist you.