IRS Issues Informal CARES Guidance on IRAs and Qualified Plan – NEW FAQs
Whether you’re a lawyer, CPA, trust officer, or financial advisor you need to show your clients that you “CARE.” Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provides for certain penalty-free distributions and rollovers, and expands retirement plan loans. Many of these provisions, while helpful, are difficult to take advantage of with certainty. However, on May 5, 2020 the Service on its website pushed a “FAQ.”
In his exclusive LISI Webinar, Bob Keebler will analyze this informal guidance in order to help you understand how to help your clients. Specifically, Bob will analyze the following topics with case study examples:
- Qualifying for the $100,000 penalty-free distribution
- Recognizing income from the coronavirus-related distribution over three-years
- Re-paying the coronavirus-related distribution
- The relevance of Notice 2005-92
- Outstanding loan repayment delay
- Limitations increased for new loans made between March 27 and September 22
- How the relief applies to employers
- Reporting distributions & repayments
- RMD relief for 2020
- RMD roll-backs in 2020
- Roth Conversions in a down market
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