Coronavirus ＆ the Law Blog
Retirement Plan Benefits: The CARES Act and Other Tax Planning Considerations
In this article, Terri Boxer and Thomas Moniz of von Briesen & Roper S.C. explain retirement tax planning considerations in light of the CARES Act.
The $2 trillion stimulus package known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act has been approved by Congress and signed into law by President Trump.
In “Retirement Plan Benefits: The Cares Act and Other Tax Planning Considerations,” Terri Boxer and Thomas Moniz of von Briesen & Roper S.C. explain that the Act waives required minimum distributions (RMDs) from certain retirement accounts for 2020.
“This is particularly important given that RMDs for 2020 are calculated based on account balances as of December 31, 2019, when the market was at or near record highs,” write the authors, also noting additional flexibility built into the CARES Act.
“In addition to the waiver of 2020 RMDs, the Act includes additional flexibility for those impacted by COVID-19 or the related financial fallout who need to use funds from their retirement accounts to cover costs,” they write.
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