Did you know that the federal CARES Act that became law earlier this year as part of the federal government’s COVID-19 relief efforts included a number of short-term changes designed to enhance the durability of retirement plan savings as well as emergency provisions to ease COVID-19 related hardships. Specifically, the CARES Act suspended all required minimum distributions (RMDs) for 2020 (you can still take them if you want to or need to but are not required to take your RMD in 2020). As RMDs are based on retirement account values as of the end of the prior year, this relief provision may be helpful to those with retirement plans who have other sufficient sources of income and do not need to take RMDs and who may want to give their retirement plan funds time to recover from the current market volatility. This suspension of RMDs for 2020 may also create opportunities for those considering converting their traditional IRA to a Roth IRA. If you already took out an RMD for 2020, you may be able to return the RMD to your plan or other retirement plan, but under current IRS guidance you must act by August 31, 2020. We will cover additional CARES Act provisions impacting retirement plans in future posts. To learn more on how the CARES ACT may impact your estate and retirement plan planning, please contact us today.
Margaret Cascino, Esquire, our Managing Attorney in New York, and Zachary Champion, Esquire, our Regional Managing Attorney for REO/Retail Closings hosted this in-depth webinar on June 17th, 2020 discussing how homeowners with equity in their property are taking advantage of today’s low interest rates. What is a CEMA? Why use one? What is the process? What are the possible issues/delays? What are our COVID-19 Precautions?
On June 23, 2020, the IRS released Notice 2020-51, which provides guidance relating to the waiver of 2020 required minimum distributions (RMDs) enacted as part of the federal CARES Act COVID-19 relief legislation.
Specifically, Notice 2020-51, allows for a rollover or repayment of an RMD taken in 2020 until August 31, 2020, effectively extending the traditional 60-day rollover rule for RMDs taken earlier in the year. Those plan owners who took RMDs this year thinking they were required to, but do not need the funds, have the opportunity to return those funds to their IRA or a rollover IRA. Consult with your plan custodian or financial advisor for more information. To learn more on the importance of estate planning in the age of COVID-19, please contact us today.
Join West Virginia Managing Attorney, Ryan Keesee, Esquire, and Stern & Eisenberg President & CEO, Steven K. Eisenberg, Esquire, MBA, for a detailed discussion and review of the New Title Curative Procedure, including:
- Simple Property Description errors will now be resolved by affidavit and notice
- No more Court delays in correcting scrivener’s errors!
- New process will reduce time and costs in correcting title issues in WV
For any questions please contact us.
To Our Business Colleagues, Clients and Friends:
Since being signed into law on March 27, 2020, the federal CARES (the Coronavirus Aid, Relief and Economic Security Act) established a comprehensive COVID-19 related financial support package for individuals and small businesses (those businesses with up to 500 employees). The primary SBA COVID-19 related support programs are the SBA PPP (Paycheck Protection Program) and the SBA EIDL (Economic Injury Disaster Loan program). The CARES Act provided for an initial round of funding of $349 billion for the PPP and $10 billion for the EIDL program. Unfortunately, the initial funding for both programs was exhausted in 2 weeks. Many small business owners have reached out to us concerned that they lost the ability to participate in these programs. However, we are happy to report that, last night, the House passed H.R. 266, The Paycheck Protection Program and Healthcare Enhancement Act. President Trump signed this new bill this morning. It provides for additional PPP funding of $310 billion and additional EIDL program funding of $60 billion ($50 billion for disaster loans including EIDL loans and $10 billion for grants). As many applications were “in the pipeline” when the initial funding for these programs was exhausted, it is expected many of those pending applications will be processed first, and it is therefore imperative if you have not applied for these programs that you move quickly if you want to take advantage of these SBA COVID-19 related loan programs. We can help. For more information, please click here to contact us and speak with one of our attorneys.
To Our Clients & Friends:
Across our footprint, our team of attorneys, and much of our specialists and staff, are working remotely and are available by phone, email and other forms of telecommunications. We are keenly aware of the enormous impact of the current pandemic on all of our lives and we take seriously our responsibility to do our part to comply with governmental directives and the advice of the medical community to help contain the current crisis.
We are committed to the safety of our employees and to continue to provide our clients with exceptional service and have implemented our virtual office solution. Our physical office will remain operational for the purposes of maintaining our virtual office solution, including mail receipt and delivery, telephone communications and maintaining our virtual office infrastructure. We remain ready to serve our client and community needs.
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