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Showing content with the highest reputation on 04/30/2020 in Posts
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Qualifying For COVID Loan
Luke Bailey reacted to AKconsult for a topic
Does the plan allow hardship withdrawals? The safe harbor hardship rules allow for a distribution to pay for the funeral of a parent, spouse, child or dependent.1 point -
Required Minimum Contribution Deadline extension to 1/1/2021
Luke Bailey reacted to C. B. Zeller for a topic
Correct. The text of CARES sec. 3608(a) provides a delay in any minimum required contribution amount determined under IRC sec. 430. Required contributions for money purchase plans are determined under the plan's formula, not IRC 430.1 point -
PPP Validation?
AmyETPA reacted to Larry Starr for a topic
You're not going to have to prove that it's needed. You're going to have to prove that, for forgiveness, you have spent the funds as provided in the rules. If you don't spend them that way, you owe the money back (2 year loan at 1% interest: gimme as much of that as I can get!!!). Your bank will tell you what proof they will be requiring to offer you the forgiveness that is potentially available to you.1 point -
Can CARES Act distributions exclude active employees?
hr for me reacted to Larry Starr for a topic
Why on earth bother? They can be paid out anyway and treat it on their own return as a CRD. Just to avoid 20% withholding? Then do a rollover and THEN take the money out of the IRA. Their request makes no sense.1 point
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