The CARES Act & Temporary Waivers of RMD Rules
March 27, 2020 | Authored by Dopkins Tax Advisory Group
March 27, 2020 – Tax relief for individuals through the Coronavirus Aid, Relief, and Economic Security (CARES) Act are here. This includes a temporary waiver of Required Minimum Distribution (RMD) rules for certain retirement plans and accounts.
In general, Required Minimum Distribution (RMD) rules require that taxpayers of a certain age withdraw minimum amounts annually. These rules typically apply to taxpayers after reaching age 72 (70 ½ before 2020). This temporary waiver will waive minimum distribution requirements for 2020.
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Dopkins Tax Advisory Group
Our tax professionals include specialists who are proactive, strategic thinkers who work to maximize your cash flow. In addition to cash flow considerations, we also believe that tax planning is most effective when it is integrated with, and fully supports, your business plan and personal goals. Our approach to tax planning will help you better understand the tax implications of any proposed course of action, and together we can make the right decisions for your business. Contact us via email link below for more information. for more information contact your Dopkins Client Service Coordinator or Gregory Urban at gurban@dopkins.com
