Contribution Deadline and Defined Benefit Funding Relief. Some contribution deadlines have been extended and certain defined benefit (DB) plans are eligible for funding relief.
On behalf of all of us at FuturePlan, we extend our wishes for a full recovery to those directly affected by COVID-19, and our deepest sympathies to those who have lost loved ones. Our heartfelt thanks go out to the medical professionals, first responders, and essential workers who are saving lives and sustaining our communities.
It’s safe to say that the environment in which we’re living and coping today is unlike any most of us have seen in our lifetimes. Worry for our own health and that of our loved ones, challenges to the operation of virtually every type of business, social distancing, travel restrictions, and startling global financial market volatility sometimes feel beyond our ability to process.
As a business division of Ascensus, FuturePlan has maintained a Pandemic Preparedness plan since day one. It is one component of our larger Business Continuity planning process.
Small businesses are the backbone of the American economy. With these businesses and their workers bearing the brunt of the hardship associated with the coronavirus (COVID-19) pandemic, it’s incumbent on the financial services industry to do whatever we can to support them. Many believe that this support will come mainly through federal relief, and that smart legislation—providing financial stimulus and other appropriate relief—will help right the ship.
At Ascensus, we consider the safety and wellbeing of our clients and associates to be paramount. Our service and leadership teams have been closely monitoring the global spread of COVID-19 and have been making proactive adjustments to our operations in order to ensure the continued service and expertise you count on.
The 2020 tax year version of IRS Publication 590-B reflects the following noteworthy updates pursuant to the passage of the SECURE, CARES, and Consolidated Appropriations Acts.
The DOL’s Employee Benefits Security Administration today released a three-part guidance package on cybersecurity for plan sponsors, plan fiduciaries, service providers, and participants.
The Department of Labor (DOL) has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption, PTE 2020-02.
The IRS has issued Notice 2021-27, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.
The IRS’ Tax Exempt and Government Entities Compliance Governance Board has approved the following to be prioritized and resourced, primarily through examination.
Wally Adeyemo has been confirmed as Deputy Secretary of the Treasury after the Senate approved him in a bipartisan voice vote.
A proposal to extend the Paycheck Protection Program (PPP) through the end of May has passed the Senate by a vote of 92-7.
The IRS has issued Notice 2021-22, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.
Former Boston Mayor Marty Walsh was confirmed on Monday as Secretary of the Department of Labor (DOL).
The IRS has announced that tax filing due dates for 2020 tax year federal income tax returns will be automatically extended from April 15, 2021, to May 17, 2021.