Learn how disaster victims can access their retirement savings.
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You may have noticed an increase in clients making late IRA transactions because they live or work in a federally declared disaster zone. This disaster relief can affect your financial organization and how you report certain IRA transactions.
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The IRS has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and IRAs under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
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Is the 2022 tax season truly over for your clients? If they live or work in a federally declared disaster zone, their federal tax deadline has been postponed this year.
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If your clients took CRDs in 2020, they still have time to make repayments to their qualified retirement plan or eligible IRA. Because a relatively small number of qualified individuals took CRDs in 2020 you may handle few CRD repayments, but their proper reporting is no less important for their infrequency.
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The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in New Mexico.
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The IRS recently issued two news releases announcing the postponement of certain tax-related deadlines for Connecticut and Mississippi victims of Hurricane Ida.
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The IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
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The IRS issued final regulations in June to help clarify the new mandatory 60-day postponement period for certain tax-related acts following a federally declared disaster. Learn more about the practical implications of the final regulations.
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The IRS recently postponed certain tax-related deadlines for Michigan victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on June 25.
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The IRS recently postponed certain tax-related deadlines for West Virginia and Louisiana victims of severe storms. The tax relief pertains to various tax filing and payment deadlines that occurred starting on February 27 and May 17.
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The IRS recently issued final regulations regarding the mandatory 60-day postponement of deadlines for certain time-sensitive, tax-related acts in circumstances of federally declared disasters.
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The IRS recently postponed certain tax-related deadlines for Alabama, Kentucky, and Tennessee victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 27 and March 25.
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You and your staff may be fielding questions from clients about whether coronavirus-related distributions are still available in 2021 or whether there’s an RMD waiver for 2021. Those two CARES Act provisions have ended, but some parts of the relief are still applicable.
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These regulations—when made final—may clarify the interplay between the new mandatory 60-day postponement rule and existing disaster relief. But practically, not much is likely to change. The IRS will continue to exercise its considerable authority to postpone tax-related deadlines. Postponements will generally continue to exceed 60 days. And individuals will still rely on the IRS to identify which disasters and tax-related items will qualify for deadline postponement.
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The Consolidated Appropriations Act, 2021, was signed on December 27, 2020. Although there is no broad employee benefit relief, the Act contains some provisions—coronavirus- and non-coronavirus-related—that pertain to retirement and health savings plans.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Zeta.
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How does the recently added safe harbor hardship distribution reason apply for an individual who has been affected by a federally declared disaster? What tax relief is available for retirement plan disaster distributions?
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