Some people are required to return Economic Impact Payments that were sent erroneously

Some people are required to return Economic Impact Payments that were sent erroneously

0 Comments

return Economic Impact Payment

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have already been sent through a combination of electronic transfers to bank accounts, paper checks and prepaid debit cards.

Continue Reading: Some people are required to return Economic Impact Payments that were sent erroneously

What qualifies as a “coronavirus-related distribution” from a retirement plan?

0 Comments

coronavirus-related distribution

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax.

Continue Reading: What qualifies as a “coronavirus-related distribution” from a retirement plan?