NEWS BRIEFS
FIRM NEWS
IRS UPDATE
Merger: Rosenfield and Company, PLLC & Morrison Valuation and Forensic Services, LLC
IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
Morrison Valuation and Forensic Services, LLC, has integrated into accounting firm, Rosenfield and Company, PLLC. This merger continues Rosenfield’s expansion of their consulting practice, specifically within their Business Advisory Services Team. This team will primarily focus on forensic accounting, business valuations and litigation support. Robert B. Morrison, ASA BV/IA and his team of Paul M. Dumm, CPA/ABV/CFF, CFE, Shivam N. Jadeja, CPA/ CGMA, ASA, CFE, and Alexander Dokuchaev, MSA, CFE joined the Rosenfield team in their Orlando office.
FIRM NEWS
Accounting Today Names 2020 Gulf Coast Regional Leaders
Fourteen FICPA Member firms were among those recognized in Accounting Today’s (AT) 2020 Gulf Coast Regional Leaders rankings. The annual “Top 100 Firms + Accounting’s Regional Leaders” report presents the 100 largest CPA practices nationally and features 10 geographic break-out regions. AT ranked the regional leaders by revenue. The Gulf Coast region includes the 22 largest practices throughout Florida, Louisiana and Mississippi. Below is an alphabetical listing of the FICPA member firms in the Gulf Coast region. Access the rankings and complete report here: pages.marketing. accountingtoday.com/act_44905_sr_lp.html. • Berkowitz Pollack Brant • Carr, Riggs & Ingram • Daszkal Bolton • Gerson Preston Klein Lips Eisenberg & Gelber • Jackson Thornton & Co. • James Moore & Co • Kabat, Schertzer, De La Torre, Taraboulos & Co.
• Kaufman Rossin Group • Kerkering Barberio & Co • MBAF CPAs • Saltmarsh, Cleaveland & Gund • Schellman & Co • Vestal & Wiler • Warren Averett
WASHINGTON – The Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
The 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, to give taxpayers time to take advantage of this opportunity. The IRS described this change in Notice 2020-51, June 23. The Notice also answers questions regarding the waiver of RMDs for 2020 under the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act. The CARES Act enabled any taxpayer with an RMD due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020. This waiver does not apply to defined-benefit plans. In addition to the rollover opportunity, an IRA owner or beneficiary who has already received a distribution from an IRA of an amount that would have been an RMD in 2020 can repay the distribution to the IRA by Aug. 31, 2020. The notice provides that this repayment is not subject to the one rollover per 12-month period limitation and the restriction on rollovers for inherited IRAs. The notice provides two sample amendments that employers may adopt to give plan participants and beneficiaries whose RMDs are waived a choice as to whether or not to receive the waived RMD.
SUMMER 2020 | FLORIDA CPA TODAY
7
