Author Archives:troutcpa

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U.S. Reimposes Section 232 Tariffs on Canadian Aluminum & Issues New Marking Rules for Products of Hong Kong

On August 6, 2020, the U.S. announced that it will reimpose 10% tariffs under Section 232 of the Trade Expansion Act of 1962 on non-alloyed and unwrought aluminum imports from Canada as of August 16, 2020. The decision came just weeks after the new United States-Canada-Mexico Agreement (USMCA) went into effect. Read the official presidential...

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International Aspects of The 2020 Section 163(J) Proposed Regulations

On July 28, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) released final regulations under Section 163(j). On the same date, Treasury released proposed regulations under Section 163(j), which includes among many other items, guidance for how the business interest deduction limitation rules under...

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Top Tech Balancing Act In 2020: Innovation Vs. Risk

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The technology industry is proving out its resilience. As every industry responds to change and disruption, tech companies are being relied upon more than ever to accommodate remote work, food and supply access, health services, communication, connectivity and entertainment.

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How to Accelerate Income To Lower Your Total Tax Liability

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As 2020 winds down, it’s time to consider year-end planning. It’s an unusual year, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year. Consequently, we need to rethink the traditional year-end advice of deferring income and accelerating deductions to minimize...

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The Path To Retail Recovery

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COVID-19 has shaken nearly every aspect of the retail industry. Retailers have been grappling with never-before-seen store closures, supply chain disruptions and personnel changes. Even as the country slowly opens back up for business, we know retailers will continue to feel the pandemic’s impacts for several sales quarters to...

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IRS Delivers Temporary Midyear Relief To 401(K) & 403(B) Safe Harbor Plans

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Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS).

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IRS Extends Relief for 2020 RMD Waivers and Rollovers

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, waived required minimum distributions (RMDs) from tax-qualified defined contribution retirement plans (such as 401(k) and 403(b) plans) and individual retirement accounts (IRAs) that were otherwise due in 2020 to help Americans cope with the uncertainty...

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Proposed Small Business Taxpayer Regulations Provide More Certainty of IRS’S Position On Accounting Methods Simplification

Summary of newly-released proposed regulations related to changes made under the Tax Cuts and Jobs Act 

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DOL Finalizes Rule On Electronic Disclosure of Retirement Plan Documents

The Department of Labor (DOL) recently finalized a rule that makes it easier for plan sponsors to use email and internet websites to deliver certain retirement plan disclosures or other documents to plan participants.

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During An Economic Downturn: Review Plan Design & Expenses To Protect Cash Flow

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Managing cash flow is an ongoing priority for any business. Protecting an organization’s cash flow in times of economic distress is paramount. To retain liquidity in the short term, many organizations are examining their retirement plans for flexibility in cash outflows.

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