Cyber Roundup – August 2022
A published software security flaw, glitch, or weakness found in software will likely be exploited by bad actors within a short time after the vulnerability is discovered and announced.
Who Actually Qualifies for the Employee Retention Credit?
The Employee Retention Credit (ERC) started out as something of a secret. Originally part of the CARES Act, the ERC was limited in 2020 and only available to organizations which did not receive Paycheck Protection Program (PPP) loans.
Senate Passes Inflation Reduction Act of 2022
The version passed by the Senate is similar to the prior draft version, although with key changes on the tax side.
Major Win for NY Statutory Residents Brings Potential Refund Opportunities
A rare unanimous New York Supreme Court Appellate Division decision has resulted in potential personal income tax refund opportunities to those domiciled outside of New York but who have vacation homes in the State.
Step by Step: Grant Management
Many local governments receive grants which can be a significant portion of their funding sources.
What’s In (and What’s Out) – The New Senate Reconciliation Bill
This week, the Senate released draft legislative language on a reconciliation bill apparently agreed to by Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin, whose objections had been one of the main stumbling blocks to prior legislative plans proposed by the Biden administration and other members of Congress.
A Jump-Start on Year-End Tax Planning
As the 3rd quarter of 2022 commences, tax planning and year-ending strategies may be best to be considered now.
Estates: IRS Extends Late Portability Election Relief to 5 Years
For estates that are not normally required to file tax returns because their value is under the filing threshold, IRS Rev. Proc. 2022-32 increases the time to elect portability of a deceased spouse’s unused exclusion amount (known as DSUE) from two to five years after the decedent’s date of death.
Cyber Roundup – July 2022
The speed and accuracy delivered by all forms of cyber machinations is undeniable. However, although cyber risk cannot be totally eliminated – at least at this stage of development and as evidenced by this issue of Cyber Roundup – it can be mitigated.
Changes to the 2021 Plan Year 5500
The Forms 5500/5500-SF/5500-EZ and Form instructions for the 2021 plan year were released by the Department of Labor (DOL), in conjunction with the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC).
IRS Penalties for ACA Filings
Sponsors of group health plans should be familiar with the requirement for the annual filing of tax forms with the IRS (Forms 1094-C/1095-C).
Connecticut Enacts New Mandatory Auto-IRA Program
States continue to address the lack of retirement plan offerings for their residents.