CARES Act Update - June 2020

Insights | CARES Act Update - June 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed in late March provided considerable relief to taxpayers who did not want to take required minimum distributions (RMDs) from a retirement account. The Act suspended RMDs for 2020 and allowed taxpayers to repay certain previously-taken retirement distributions. On June 23, the IRS issued Notice 2020-51 providing greater clarity and further relief for retirement distributions.

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