IRS

The Internal Revenue Service (IRS) is reopening its operations following its shutdown in March due to the COVID-19 emergency. The IRS generated more than 20 million notices during the shutdown, but the mailing of these notices has only recently begun.  As a result,...

As part of the Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) the IRS has announced important guidance on the rules for Required Minimum Distributions (RMDs) from IRAs and other retirement plans for tax year 2020. RMD Waiver: You can elect to NOT...