It has been a very long, if not a very good year. We noted in an earlier post that one of the challenges reserved for 2021 would be to see how the IRS would address the dischargeable loans granted to hundreds of thousands of businesses under the Paycheck Protection Program (PPP). Recall that those who
CARES Act
Update on CARES Act & Your Access to Retirement Accounts
By Mark Ashton on
Posted in CARES Act, Coronavirus
When the CARES Act passed last spring we wrote about the provisions, which allowed IRA & 401(K) holders to access their accounts while avoiding tax consequences. We also noted that the devil is often found in the details. Nevertheless, in late June, the IRS issued Notices 2020-50 and 2020-51. You should review these publications…
A Caution About Funding Current Expenses with IRAs/401(k)s
By Mark Ashton on
Posted in CARES Act, Retirement
On March 27, 2020, we wrote about provisions in the 2020 CARES Act, which expanded 401(k) loan eligibility and permitted funds to be drawn from IRAs without tax consequence, so long as the withdrawal was repaid by 2023. As we wrote this, there seemed to be some “too good to be true elements” to the…