MRPR Blog
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Back to School: FFCRA Q&A
The DOL has released additional Q&As, while updating others, in order to provide further guidance and clarification under the FFCRA as it relates to 1) schools back in session, and 2) New York court decisions regarding the Act. Being armed with the latest information will help make planning more productive and conversations more supportive within your organization.
PPP Forgiveness Update
The SBA released an Interim Final Rule for the Paycheck Protection Program (PPP) on August 24th, 2020. The rule creates forgiveness limitations and/or clarification on limitations in three areas. The full IFR goes into full detail of the treatment of owners and forgiveness of certain non-payroll costs. Here are the key highlights to help you stay updated.
New Proposed Regulations On Gifts and Estate Transfers
The Tax Cuts and Jobs Act (TCJA) of 2017 added many new provisions to the tax code. Taxpayers with larger estates initially saw a benefit from the change to the lifetime exclusion for gift and estate taxes. It increased the amount for each taxpayer from $5 million to $11 million, adjusted for inflation. (For 2019, the indexed amount is $11.4
CARES Act Update: Retirement Plan Distribution Relief
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020. Since then, the IRS has issued several Notices with additional information and guidance related to the CARES Act including the tax rules applicable to employer-sponsored qualified retirement plans and individual retirement accounts (IRAs). Individuals and plan sponsors should be aware of these key provisions.
Michigan Safety and Restart Grant Opportunities Expiring
With supplemented unemployment benefits expiring this past week and the ongoing economic impact of COVID-19, the State of Michigan is leveraging federal funding through the CARES Act to continue to support the economic recovery of small businesses in the state. Two grant programs were recently announced, with funding up to $20,000 for qualified applicants. The application periods on both grants