President Trump issued an executive memorandum on August 8, 2020, allowing the deferral of the employee’s share of Social Security withholding for wages paid between September 1, 2020 and December 31, 2020. The deferral is only available to employees earning less than $4,000 each biweekly payroll period. This is a...
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The IRS recently issued the following statement in relation to a delay in payment processing times due to COVID-19. If a taxpayer mailed a check (either with or without a tax return), it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. Any...
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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...
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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...
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June 23, 2020 by Staff
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...
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