The Internal Revenue Service has issued guidance for retirement plans participants, affected by the COVID-19 virus, who take distributions or loans from those funds. Under the CARES Act, distributions this year are not subject to an additional 10 percent tax for early withdrawals.
Nonprofits responding to the COVID-19 break are increasing spending on technology, according to a recent survey by BDO USA. The survey found 64 percent of 200 leaders polled in the firm’s Nonprofit Standards benchmarking service say they will invest in new products this year.
People & Moves
There is a backlog of 4.7 million paper income tax returns, according to this year’s report from the National Taxpayer Advocate. In addition about ten million pieces of mailed tax returns and correspondence is sitting in Internal Revenue Service trailers.
Cloud-based computing provides more security than their own company data centers do, according to 75 percent of information technology professionals responding to the recently released Oracle and KPMG Cloud Theft report. The survey also found businesses are using an almost bewildering number of products to provide security.
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