April 06, 2020
CARES Act Relief for Retirement Account Owners and Small Businesses
Several provisions of the massive coronavirus stimulus package – the CARES Act – signed into law March 27, 2020 offer financial relief for individuals and small businesses.
Retirement Account Owners:
One aspect of the CARES Act deals with retirement accounts and their owners and beneficiaries. Specifically, the law introduces a new type of withdrawal called a Coronavirus-Related Distribution and significantly modifies the rules regarding Required Minimum Distributions (RMDs) for IRAs and 401(k)s.
We’ve reviewed the legislation and put together a short Q&A that we hope answers some more urgent and top-of-mind questions you may have about what, exactly, these new rules are and, also, how they might affect your personal financial plan this year and your tax bill.
Small Business Owners:
The CARES Act also includes different financial vehicles for small business owners. You can easily compare CARES Act loan programs, tax credits and deadline extensions available to your small business for planning purposes with our one-page overview. This visual resource can help you walk through strategic decisions, understand the options available to you, and determine where to take more specific next steps.
Additional guidance around these rules may be forthcoming from the Treasury Department in the weeks ahead, so we will update you as new information becomes available. Our goal, as always, is to provide you a clear and confident financial path forward through these fast-changing times.
Please contact your advisory team with any questions.
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