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.

 

About the Author

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. For more information, contact Gregory Urban, CPA, CVA at gurban@dopkins.com.

Do What You Love.
Love What You Do.

It’s about balance. The variety and quality of the clients, along with access to the latest technology and business information keeps the work interesting.

Learn More
Three Dopkins Employees

Opportunity Awaits

Take your career to the next level at Dopkins

Learn more