News & Analysis as of

Tax Relief Individual Retirement Account (IRA)

Jackson Lewis P.C.

New Tax-favored Benefit for Employees with Children

Jackson Lewis P.C. on

Among the federal tax changes made by the “One Big Beautiful Bill Act” (discussed in our prior post) is a new kind of custodial savings account for children (who’ve been issued a social security number) to which their or...more

Pillsbury Winthrop Shaw Pittman LLP

Federal and State Tax Relief Resulting from California Fire

The Internal Revenue Service (IRS) has provided broad tax relief to taxpayers in Los Angeles County impacted by the recent winds and wildfires. Other counties may be added later....more

Foodman CPAs & Advisors

Hurricane Helene and Milton IRS Relief

Foodman CPAs & Advisors on

On 10/11/24, the IRS announced that it is ready to provide tax assistance for taxpayers affected by Hurricane Helene and Milton that devastated Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of...more

Pullman & Comley - Labor, Employment and...

IRS Provides Required Minimum Distribution Relief for 2021 and 2022

Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more

Morgan Lewis

COVID-19: IRA Providers Have Until August 31, 2020 to File Form 5498 for 2019

Morgan Lewis on

New formal guidance from the Internal Revenue Service (IRS) extends the deadline for providers of individual retirement accounts and individual retirement annuities (IRAs) to file Form 5498 in response to the coronavirus...more

Faegre Drinker Biddle & Reath LLP

IRS Releases Coronavirus-Related FAQs for Retirement Plans and IRAs – Some Guidance Still Forthcoming

On March 27, Congress enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act, a massive stimulus package in response to the global coronavirus pandemic. Section 2202 of the CARES Act provides certain...more

Eversheds Sutherland (US) LLP

Social distancing: When states decouple from the federal CARES Act

The CARES Act provides for special federal tax treatment for “coronavirus-related distributions” from most types of tax-qualified retirement plans and IRAs. The distribution must be made between January 1, 2020 and December...more

Jaburg Wilk

Tax Relief to Help Weather the Storm of COVID-19

Jaburg Wilk on

As the COVID-19 pandemic has wreaked havoc on our personal, financial and business lives, the government has responded with legislative and administrative relief.  This is a high-level summary of some of the enacted measures...more

Morgan Lewis

COVID-19: IRS Insights for IRA Owners, Guidance Needed for IRA Providers

Morgan Lewis on

All IRA owners have until July 15, 2020 to make IRA contributions for 2019 and pay early distribution penalties for 2019, but a few questions remain on deadlines and reporting for IRA providers. ...more

Goulston & Storrs PC

Summary of CARES Act

Goulston & Storrs PC on

CARES Act (Coronavirus Aid, Relief, and Economic Security Act) - Below is a summary of certain provisions of HR 748, the bill approved by the Senate on March 25, 2020.  Please note that the legislation still requires...more

McDermott Will & Schulte

Tax Reform Results in Only Minor Changes for Retirement Plans

The Tax Cuts and Jobs Act made significant changes to the tax code and will have a significant impact on businesses and individual taxpayers. However, although initial proposals included potentially significant changes to...more

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