| If your company sponsors a retirement plan, know that the Sweeping stimulus bill recently signed into law includes many retirement plan relief provisions which could impact you or your employees. Highlights of the major retirement related provisions can be found below. Distributions Coronavirus – Related Distributions Employers now have the option to amend their qualifying retirement plans to allow for a new type of distribution. If employers decide to allow for a “coronavirus -related distribution” it can give employees access of to up to $100,000 of their retirement funds in the form of a distribution. While the distribution is taxable income to the employee, it is not subject to the 10% penalty which normally applies to early withdrawal of retirement funds. The employee has the option to pay back the distribution and can also elect to pay the taxes related to the distribution over a 3 year period. Employees impacted by the Coronavirus qualify for the distribution. This includes those who are diagnosed with COVID-19 (or whose spouse or dependent is diagnosed), or those who have experienced adverse financial conditions as a result of: quarantine, furlough, being laid off, having hours worked reduced, who are unable to work due to child care closures, business closures and other factors. Required Minimum Distributions – Waived for 2020 Individuals who normally would have been required to take an RMD for 2020 (those age 72 under current law) are granted a waiver for the 2020 calendar year and do not need to take their distribution from any 401(k), 403(b), 457(b) and IRA accounts. Note, that RMD’s from a defined benefit plan are still required. Loans Increased Loan Limits Employers have the option to amend their plan to double the amount that an employee can take as a loan from their retirement account to the lessor of $100,000 or 100% of the participant’s vested account balance in the plan. Delayed Loan Repayments Those employees who have an outstanding loan form their plan who have repayments due between now and December 31, 2020 can delay making their payment(s) for up to one year. Amendment and Deadline Relief Immediate Implementation & Plan Amendments Employers are permitted to adopt these rules immediately, even if the plan currently does not allow for distributions or loans, as long as their retirement plan document is amended on or before January 1, 2022. Single Employer DB Funding Those employers sponsoring a single employer defined benefit pension plan who have a contribution due during the 2020 calendar year can take advantage of a delayed contribution deadline and make their deposits by January 1, 2021. (Note that interest must accrue on any delayed payments and be deposited to the plan at the time that the contribution is made) Funding IRA Contributions Individuals wanting to make 2019 contributions to their IRA account now have until July 15, 2020 to make those deposits. If you are interested in amending your plan to allow for any of the above mentioned provisions or if you have any questions regarding this information please don’t hesitate to contact our office. Retirement plan associations are continuing to lobby to provide additional relief to employers during these uncertain times and we are actively following those developments to keep you informed. |
Large & Gilbert, Inc.: Best Construction Accounting Firm in Atlanta, GA
Welcome to Large & Gilbert, Inc., the premier construction accounting firm in the Southeast. Located in Atlanta, GA, we provide services to some of the areas largest home contractors, builders, and developers. Having specialized in the construction industry for over forty years, we are able to provide our contractors with answers to their questions about tax services, accounting and auditing, business advisory services, and wealth accumulation, just to name a few.
Welcome
Construction Accounting Firm
Welcome to Large & Gilbert, Inc. (“L&G”), the premier construction accounting firm in the Southeast. Located in Atlanta, GA, providing services to some of the area's largest contractors; including: general contractors, specialty contractors, heavy equipment contractors, builders, and developers. Having specialized in the construction industry for over fifty years, we are able to provide our contractors with answers to their questions about tax services, accounting and auditing, business advisory services, asset protection, retirement planning and wealth accumulation, just to name a few.
Do you know the latest on the benefits that are offered to you as a contractor in the tax code? Are you using the advantages Uncle Sam has given you to reach your retirement goals in order to maintain your lifestyle? Do financial questions keep you awake at night?
Is your surety agent asking for information you can't provide? Or has your bonding been reduced and you need fresh ideas to make your company healthier?
You can manage a $10 million construction project from start to finish and you can manage your 10-year-old's baseball team pretty well, too. Do you have the time or the staff to stay up-to-the-minute on the construction industry's complicated tax and accounting issues?
What kinds of services do you need when you come to L&G? Every company is unique... but our experience serving the construction industry for over five decades allows us to anticipate and meet your needs.
Testimonials
“Rhonda, I don’t just consider you my business associate, I consider you my friend. Business and personally, I don’t think we’d be where we are today without L&G.”
“I really enjoy being around you Rhonda - you are a very bright person and have that special ability to relate to someone on my level without offending them or going over their head. You are as good as I have ever seen at that.”
“I want you to know how much I appreciate your efforts in guiding us successful in this matter. It would not have been possible without you and I am grateful to you. I so enjoy working with you guys.”
Contact Us
Large & Gilbert, Inc.
6849 Peachtree Dunwoody Road
Building A-2
Atlanta, Georgia 30328
Phone: (770) 671-1533
Fax: (770) 671-1347
info@largeandgilbert.com
About Us
L&G has specialized in the construction industry for over 50 years. We have built our reputation on great client service and have spent many years learning the financial and tax ropes of the construction industry.