Instant Insights / How to Navigate the CARES Act


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the IRS building in Washington DC in May 2013 (Photo: Diego M. Radzinschi/THE NATIONAL LAW JOURNAL)

The IRS recently posted 14 questions and answers for plan sponsors and third-party administrators regarding coronavirus-related loans and distributions, but they do not answer all of the questions posed by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) retirement plan provisions. While the wait for formal guidance continues, the Q&As confirm that each of the distribution and loan provisions are optional for employers to adopt (or not adopt).

The Q&As also indicate that the formal guidance on distribution and loan provisions should be released in the near future, and that the IRS anticipates this will generally apply the principles set forth in Notice 2005-92 regarding the Katrina Emergency Tax Relief Act of 2005 (KETRA).

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