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IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans

WASHINGTON − The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and...

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  • July 31, 2020

IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages

WASHINGTON – The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available....

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  • May 21, 2020

IRS extends more tax deadlines, including Form 990-series returns and notices

Last month, the IRS announced that certain taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. The IRS has extended this relief to additional returns, tax payments and other...

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  • April 16, 2020

IRS provides guidance under the CARES Act to taxpayers with net operating losses

WASHINGTON – The Internal Revenue Service today issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLsRevenue...

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  • April 14, 2020

Pennsylvania Begins Implementing New Federal Unemployment Benefits, Eligible Claimants Get Extra $600 Starting Next Week

Governor Tom Wolf announced today the Pennsylvania Department of Labor & Industry (L&I) is implementing new federal unemployment compensation benefits provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The COVID-19 relief package temporarily provides an additional $600...

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  • April 13, 2020

Written by Attorney Timothy J. Bupp, CELA; CGA Estate Practice Chairman

Among the many provisions of the $2.2 trillion dollar CARES Act passed by Congress in March are several directed at retirement plans.  These provisions loosen the usual restrictions on qualified accounts for those suffering economically from the current emergency.           —...

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  • April 7, 2020