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IRS Provides Guidance on Waiver of 2020 Required Minimum Distributions
IRS Notice 2020–51, Guidance on Waiver of 2020 Required Minimum Distributions, provides guidance relating to the waiver of 2020 required minimum distributions (RMDs) under the CARES Act. In...
IRS Expands Access to COVID-19 Related Plan Distributions and Loans
The Internal Revenue Service (IRS) Notice 2020-50, Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act, expands access to COVID-19 related plan...
Pandemic Considerations for EBP Financial Statements
Recently, our own Dave Torrillo, along with Gwen Stoute of Hogan Taylor and Lisa Todd of Moss Adams, was interviewed for an article written by Ken Tysiac editotial director of the Journal of...
Temporary Relief from the Physical Presence Requirement for Plans
In response to the unprecedented public health emergency caused by the Coronavirus Disease 2019 (COVID-19) pandemic, and the related social distancing that has been implemented, this notice provides...
DOL Issues Safe Harbor For Electronic Media
As expected, the Department of Labor (DOL) has issued a final rule for a new, additional safe harbor for employee benefit plan administrators to use electronic media, as a default, to furnish...
DOL ISSUES COVID-19 RELIEF AND GUIDANCE FOR PLANS
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has issued deadline relief and other guidance under Title I of the Employee Retirement Income Security Act of 1974...
Effective Dates of SASs No. 134-140 Delayed
As expected, the effective dates of seven private company auditing standards, including SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to...
Filing Relief for Form 5500 Filings Due Before July 15, 2020
Per the AICPA Employee Benefit Plan Audit Quality Center, the IRS issued Notice 2020-23 which provides additional filing relief for taxpayers affected by the ongoing Coronavirus pandemic. The IRS...
Auditing Standards Board Voting to Defer New Auditing Standards
The AICPA Auditing Standards Board will be holding a special open meeting on April 20 to discuss and vote on balloting for issuance of a final standard that would defer the effective date of...