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Last month, the Associated Press called the presidential election for former Vice President Joe Biden. The House of Representatives will remain under Democratic control, but control of the Senate is still uncertain until early January 2021.

It’s no secret that the pandemic has changed the landscape of the working world. With so many employees telecommuting, the requirements around income tax in some states is being effected. In fact, in many states, having just one telecommuting employee can create Nexus.

Since the coronavirus pandemic began, many businesses have been forced to lay off and furlough employees in an effort to bring their workforce in line with reduced demand for products and services. Such downsizing can result in an unintended consequence that affects a business’ qualified retirement plan known as a partial plan termination.

On November 18^th, the IRS issued additional guidance regarding deductibility of the Paycheck Protection Program (PPP) loan related expenses and the news is not what we had hoped for. The guidance came in the form of Revenue Ruling 2020-27 and Revenue Procedure 2020-51.  

One of the changes businesses will see during the upcoming tax season is a redesign of the 1099 series of information reporting forms. This year, taxpayers must use a new Form 1099-NEC (Nonemployee Compensation) to report payments to nonemployees such as independent contractors, freelancers, and other service providers, rather than reporting them on Form 1099-MISC as they did in years past.

Given the recent challenges and changes brought by COVID-19, many companies have faced varying forms of economic disruption. As a result, the COVID-19 pandemic will require many common assets to be tested for impairment. Companies should consider the following relating to potential impairments:  

 (Kirkland, WA) This week Sweeney Conrad, PS, has announced their fall promotions. This year 20 employees have been promoted:

Target date funds (TDFs) have become an increasingly popular investment choice for many retirement plan participants. According to a recent estimate by Bloomberg Law, participants currently hold about $1.4 trillion in TDFs.

How long must plan sponsors maintain records? The easy answer is: “For a long time.” The more nuanced answer is: “It depends.”

Although ERISA does not specify a penalty for failing to properly maintain records, the same civil and criminal penalties apply as with knowingly violating any other ERISA provision.

In the report below, we lay out the tax policies of both of the major presidential candidates. This report was intended to be factual*, nonpartisan, and unbiased. As both candidates’ campaigns evolve, proposed policies may change from what is documented below.