CARES Act – Retirement Plan Distributions and Loans: Troutman Sanders and Pepper Hamilton COVID-19 Issues for Employers Podcast Series
The IRS recently issued FAQs to address workforce issues and labor shortages resulting from the COVID-19 pandemic. The guidance seems to be in response to well-publicized labor shortages affecting schools and the education...more
As employers across the country are facing critical labor shortages, the Internal Revenue Service (IRS) has stepped in, attempting to help by removing barriers that may have previously stopped employers from rehiring retirees...more
On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (the “Stimulus Act”), which not only gives taxpayers another stimulus payment but changes to retirement plans, including qualified...more
Last year, in response to the COVID-19 pandemic, the United States Congress and the Puerto Rico Department of Treasury (Hacienda) granted favorable tax treatment to coronavirus-related distributions (CRDs) and participant...more
On 26 January 2021, Royal Decree-law 2/2021 of 26 January on reinforcement and consolidation of social measures in the protection of employment (the “Royal Decree-law”) was approved, and whose main measures are as follows: ...more
Last week, as reported in the December 21 Health Headlines, bipartisan congressional leaders announced they had reached an agreement on a COVID-19 relief package––which would be combined into one end of year legislative...more
The CARES act allowed 401(k) participants easier access to their account balances,m during the coronavirus pandemic....more
On December 3, 2020, in anticipation of one or more forthcoming COVID-19 vaccines, the U.S. Department of Health and Human Services (HHS) purported to broadly expand civil immunity from tort claims related to the manufacture,...more
The Internal Revenue Service (IRS) recently released new guidance in IRS Notice 2020-50 and Notice 2020-51 to help owners and beneficiaries of individual retirement accounts and individual retirement annuities (IRAs) and IRA...more
They said it best in This Is Spinal Tap, there is a fine line between being clever and stupid. Behan Bros, Inc. Retirement Plan is an annual valued 401(k) plan with a valuation date of December 31st. As with many plans,...more
The IRS recently issued further guidance under the CARES Act expanding the categories of individuals eligible for coronavirus-related plan distributions and loans, and providing additional administrative guidance on relief...more
The Internal Revenue Service has been busy issuing guidance over the last month or so on various retirement benefit issues. We want to be sure you are aware of these important updates. Retirement plan and IRA liquidity...more
Seyfarth Synopsis: As discussed in more detail in our prior blog post, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") provided certain relief to defined contribution plan participants, provided they were...more
IRS Notice 2020-51, released last week, provides additional guidance on the waiver in 2020 of required minimum distributions (RMDs) from defined contribution retirement plans and IRAs, and the interaction of this waiver with...more
On June 19, 2020, the Internal Revenue Service (IRS) issued Notice 2020-50 (the Notice) to provide guidance on coronavirus-related distributions, increased plan loan limits, and deferment of plan loan repayments allowed...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides sponsors of 401(k) and other tax-qualified retirement plans with tools to give their employees who are affected by COVID-19 greater access to their...more
The Internal Revenue Service recently published additional guidance on the coronavirus-related distributions and loans provisions of Section 2202 of the CARES Act. Notice 2020-50 is intended to assist employers and plan...more
The Small Business Administration (“SBA”) issued another Interim Final Rule (SBA-2020-0038) on June 22, 2020 (“IFR”) clarifying certain issues surrounding the forgiveness of Paycheck Protection Program (“PPP”) loans. For the...more
The Internal Revenue Service (IRS) recently issued Notice 2020-50 which provides helpful guidance for plan sponsors and plan participants who wish to take advantage of the enhanced distribution and loan provisions under the...more
On June 19, 2020, the IRS issued Notice 2020-50, which provides additional guidance pertaining to coronavirusrelated distributions and qualified plan loans made pursuant to the CARES Act enacted on March 27, 2020, as well as...more
In a prior blog post, we discussed the changes for retirement accounts coming from the CARES Act. The IRS recently released Notice 2020-50 and Notice 2020-51 to provide guidance and clarify some of those changes. The guidance...more
On June 23, 2020, the Puerto Rico Department of the Treasury (commonly known by its Spanish-language name, Departamento de Hacienda de Puerto Rico, or Hacienda) issued Circular Letter of Internal Revenue No. 20-29 (CL 20-29),...more
The IRS has released Notice 2020-50, which provides guidance to employers that have amended their retirement plans to take advantage of provisions under the CARES Act that provide access to special plan distributions, known...more
IRS issues important guidance, including tax reporting clarification, to retirement plan sponsors and administrators on dealing with coronavirus-related distributions, participant loan repayment deferrals, and required...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted March 27, 2020. On July 6, 2020, the IRS will publish Notice 2020-50 in Internal Revenue Bulletin 2020-28. The guidance in the notice is intended...more