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IRA AND RETIREMENT PLANNING UNDER THE CARES ACT, INCLUDING IRS NOTICE 2020-50 AND WHAT YOU NEED TO KNOW FOR SMALL BUSINESS PLANNING



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On Friday, June 19, 2020, the IRS released Notice 2020-50, which gives us new specifics as to the CARES Act provisions relating to IRA and Retirement Plan withdrawal rights for direct and indirect victims of the COVID-19 virus. This pronouncement enumerates new categories of taxpayers who can withdraw up to $100,000 from an IRA or Retirement Plan, and who can make the determination on or before the third anniversary of the date on which the withdrawal occurs as to whether to repay the withdrawn amount to eliminate all income tax associated therewith, or to keep the amounts withdrawn. 

This is a good planning opportunity for those in need of funds now, but also wealthy taxpayers who can effectively “borrow” equities from the IRA or Retirement Plan to have the advantage of having capital gains tax apply to any growth that occurs on the withdrawn equities from the withdrawal date in 2020 through the repayment date in 2023 if things go well, or to simply recontribute to the IRA or Retirement Plan an amount equal to the withdrawn amount if things do not go well. The Notice also provides guidance on the mechanics of tax reporting and tax consequences associated with the various decisions available to the taxpayers with respect to whether the taxpayer decides to: (a) pay the income tax on the 2020 withdrawal in 2020; (b) pay the income tax ratably over three years with respect to the 2020 withdrawal; or (c) completely repay the amount withdrawn within three years of the withdrawal in 2020.

To understand the nuances of Notice 2020-50, be sure to join Alan Gassman, Christopher Denicolo and Brandon Ketron in their exclusive LISI Webinar that will review the primary methods for handling IRA and Retirement Plan accounts and benefits from an estate planning standpoint. This includes a detailed discussion of trusts in the context of estate planning for IRAs and other Retirement Plan assets, and how the required minimum distributions work for 2020 and thereafter as a result of the SECURE Act.

Key discussion points will include the following:

1. Newly announced rules to define the broader class of taxpayers that can take advantage of the provisions in the CARES Act relating to IRAs and Retirement Plans.

2. How the CARES Act has implemented required minimum distribution rules and associated circumstances.

3. The various options available regarding a “Coronavirus-related distribution.” 

4. Whether it is advantageous to withdraw $100,000 excise tax-free from an IRA or Retirement Plan, given that it can be repaid without interest or penalty on or before the third anniversary of the distribution, without penalty.

5. How the CARES Act has made Chapter 11 bankruptcies much more friendly with the enactment of “Subchapter V.”

6. And much more.



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