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Robert Bloink and William H. Byrnes Robert Bloink and William H. Byrnes

The year-end COVID-19 stimulus bill extended some of the relief created under the CARES Act earlier in 2020. However, it’s also generated much confusion over which retirement-related relief provisions were extended. In fact, much of the retirement relief related to COVID-19 was not carried over into 2021. Rather, the law provided new forms of relief for different situations — some of which are entirely unrelated to the pandemic.

It’s important to pay close attention to the fine print to make sure clients understand what types of new penalty relief might be available in 2021 — and the details will be key to preventing unpleasant tax surprises for clients in the future.

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